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