Bank of America Introduces Enhanced Capabilities to Intelligent Receivables Solution

Rhea-AI Summary

Bank of America announced enhancements to its Intelligent Receivables solution, which now supports payment processing in local languages including Simplified Chinese, Traditional Chinese, Korean, and Thai. This upgrade aims to improve payment matching accuracy and efficiency for corporate clients in 12 Asia Pacific markets, including New Zealand. With nearly 100% data capture capability, the solution offers comprehensive automation for reconciling payments and invoices. Additionally, it integrates with the Bank of America CashPro platform, providing clients with valuable insights into customer payment trends.

Positive

• Enhanced capabilities for Intelligent Receivables improve payment matching accuracy.
• Supports local languages, addressing client needs in diverse markets.
• Nearly 100% data capture capability facilitates timely reconciliation.
• Integrated with CashPro, allowing a unified access point for clients.
• Additional analytics module provides insights into customer payment trends.

Negative

• None.

HONG KONG, Sept. 21, 2021 /PRNewswire/ -- Bank of America has introduced an enhanced set of capabilities to its Intelligent Receivables solution, allowing clients to process payments and remittance data from local payment instruments in Simplified Chinese, Traditional Chinese, Korean and Thai language, in addition to English.

Launched globally in 2017, Intelligent Receivables is now available in all 12 markets¹ where Bank of America operates across Asia Pacific, in addition to New Zealand².

Intelligent Receivables is a comprehensive receivables matching service powered by artificial intelligence and machine learning technologies. It organizes incoming payment information and associated remittance details from various payment channels and sources, then matches these payments to open invoices. With nearly 100% data capture capability, the solution is able to send enriched payment information more frequently, allowing for more timely and accurate matching of payments and invoices for corporate clients.

"These latest enhancements to Intelligent Receivables are the natural evolution in the rapid migration towards a comprehensive technology-based solution that meets the unique needs of our clients who are operating in the diverse local markets across Asia Pacific," said Venkat ES, head of Asia Treasury Product, Global Transaction Services. "They provide for great accuracy, cost efficiencies and the ability to redirect precious resources towards revenue generating activities."

The development of the local-language and local channel recognition capabilities follow on from last year's data deduction enhancement. Utilizing machine learning and pattern recognition, Intelligent Deductions³ captures deduction data (partial payments or claims) from payments received. It then matches and validates this information, resulting in more precise and rapid resolutions of claims and increasing recovery of payments owed.

"In Asia, many large companies with complex operations are still faced with the challenge of manually reconciling payments with open invoices. This is both time consuming and inaccurate. With these enhancements, we are providing our clients tailored solutions to meet their needs, including local language capabilities, and the ability to process transactions from local payment instruments such as the electronic bankers' acceptance draft (eBAD) in China and promissory notes in Korea," said Babu Vaidyanathan, head of Asia Receivables, Global Transaction Services. "In short, we are enabling them to enjoy the benefits of a fully automated reconciliation process despite operating in a diverse set of markets."

The Intelligent Receivables solution also offers other benefits including:

• A global footprint enabling companies to implement this solution internationally including 13 locations in Asia Pacific (including New Zealand).
• Fully integrated with Bank of America CashPro platform, allowing companies to access through a single sign-in.
• Additional analytics module allowing companies to understand their customers' payment trends.
• Bank agnostic features enabling companies to integrate it with their current platforms smoothly.
• High security standards for data protection.
• Intelligent Deductions module integrated within the solution and easily activated to provide a fully automated end-to-end reconciliation process.

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 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile 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.

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.

Reporters may contact:
Bellerina Yeo, Bank of America        
Phone: 65.6678.3706
bellerina.yeo@bofa.com

¹ Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, South Korea, Singapore, Taiwan and Thailand
² Offered via correspondent banks operating in New Zealand
³ Currently available in Australia, China, South Korea, India, Indonesia and Taiwan.

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SOURCE Bank of America Corporation

FAQ

What are the new features of Bank of America's Intelligent Receivables solution?

The new features include support for local language processing, improved payment matching accuracy, and integration with the CashPro platform.

In which markets is the Intelligent Receivables solution available?

It is available in 12 markets across Asia Pacific and New Zealand.

How does Intelligent Receivables improve payment matching?

It utilizes nearly 100% data capture capability to automate and enhance the reconciliation of payments and invoices.

What languages does Intelligent Receivables now support?

It now supports Simplified Chinese, Traditional Chinese, Korean, and Thai in addition to English.

When was the Intelligent Receivables solution launched?

The solution was launched globally in 2017.