Bank of America Intelligent Receivables™ Upgraded With AR Forecasting Capabilities And Enhanced Reporting

Rhea-AI Summary

Bank of America has enhanced its Intelligent Receivables™ solution with advanced reporting and forecasting capabilities, providing clients with insights based on historical trends. The tool, which processes payment data from various channels to match invoices and speed up revenue posting, is now available in Brazil, completing its global roll-out. The updated features aim to reduce manual processing costs and improve client understanding of receivables. In the past year, the tool processed approximately 43 million invoices, reflecting a 50% increase from the previous year, indicating strong client adoption.

Positive

• Enhanced reporting and forecasting capabilities for Intelligent Receivables.
• Global roll-out completed with the launch in Brazil.
• Approximately 43 million invoices processed last year, a 50% increase.

Negative

• None.

The AI Solution Is Also Now Available In Brazil, Completing Global Roll Out

NEW YORK, Oct. 24, 2022 /PRNewswire/ -- Bank of America today announced that it has enhanced its accounts receivables matching solution Bank of America Intelligent Receivables™ with additional reporting and new forecasting capabilities, providing clients with insights based on historical trends and their customers' behaviors. The bank also announced that it has completed the global roll out of Intelligent Receivables with the product's launch in Brazil.

Intelligent Receivables uses artificial intelligence (AI) and advanced data capture technology to bring together payment information and associated remittance detail from various payment channels, whether electronic or paper based. With its ability to grab data from multiple sources (including emails and attachments), Intelligent Receivables will seek to match payments to outstanding invoices and thereby help to meaningfully reduce the costs normally associated with manual processing while speeding up the posting of revenue.

"The new capabilities are a natural extension of a tool that constantly interacts with data," said Liba Saiovici, head of Global Receivables in Global Transaction Services (GTS) at Bank of America. "The new dashboards give clients a more comprehensive view into their total collections and outstanding receivables from which they can dig further to better understand their customer's behavior around timeliness and preferred mode(s) of payment."

Around the world, Intelligent Receivables is increasingly being used by large and medium sized companies in nearly all industries. Bank of America has made continual improvements to the tool since it was launched in 2017, and last year added new language processing capabilities, including Simplified Chinese, Traditional Chinese, Korean and Thai. Portuguese is also available to support clients in Brazil.

As an indicator of client engagement, Intelligent Receivables last year processed ~43 million invoices^[1], a ~50% increase from the year earlier. "The growth in adoption of Intelligent Receivables is a testament to the tool's impact on a company's bottom line," said Fernando Iraola, co-head of Global Corporate Sales GTS and head of Latin America GTS at Bank of America. "We're confident that clients will see even greater value from using the tool with its new reporting and receivables forecasting capabilities."

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

"Bank of America" is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2022 Bank of America Corporation. All rights reserved.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

 www.bankofamerica.com

Reporters May Contact:

Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com

MAP# 667404

^[1] Rolling 12 months, August 2022. Source: BAC third quarter earnings

 

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SOURCE Bank of America Corporation

FAQ

What updates were made to Bank of America's Intelligent Receivables™?

Bank of America enhanced Intelligent Receivables™ with new reporting and forecasting capabilities.

Where is Intelligent Receivables™ now available?

Intelligent Receivables™ is now available in Brazil, completing its global roll-out.

How many invoices did Intelligent Receivables™ process last year?

Intelligent Receivables™ processed approximately 43 million invoices last year.

What was the increase in invoice processing for Intelligent Receivables™?

There was a 50% increase in invoice processing compared to the previous year.

What is the significance of the updates to Intelligent Receivables™ for clients?

The updates aim to reduce manual processing costs and provide better insights into receivables.