Open Account Automation Marks First Phase of a Multi-Year
Investment Benefiting All Parties in Supply Chain, Delivering
Greater Visibility and Speed
NEW
YORK and TORONTO,
Sept. 18,
2023 /PRNewswire/ -- As part of a multi-year effort
to transform trade finance, Bank of America is launching CashPro
Supply Chain Solutions, a platform that will offer participants in
a supply chain the benefits of digitization with improved process
efficiency and working capital optimization. CashPro is the banking
platform used by more than 40,000 business clients to manage their
treasury and trade operations.
Open Account Automation, the first module of CashPro Supply
Chain Solutions, addresses invoice approval and payment, one of the
most common processes in global trade. This module speeds up the
time to approve an invoice from what was often days or weeks to a
matter of minutes.
"Trade finance is still a paper heavy industry despite advances
in technology, due in large part to the dependency on traditional
manual processes," said Geoff Brady, head of Global Trade and
Supply Chain Finance in Global Transaction Services (GTS) at Bank
of America. "Eliminating that dependency was central to the design
of CashPro Supply Chain Solutions, through which we're introducing
digitization on behalf of network participants."
Open Account Automation absorbs and collates data that exists
within the supply chain ecosystem. Its goal is to improve the
overall participant experience by delivering greater visibility,
speed, and automation and allow quicker decision making. Companies
using Open Account Automation will be able to:
- Digitally on-board suppliers who then gain access to real-time
data that provides near-instant visibility into whether their
invoices have been approved for payment, or if there were
discrepancies that need to be resolved.
- Extract data from document copies and include that data in the
automated approval process.
- Match purchase orders with invoices and other logistics
information.
- Let buyers control the approval of invoices based on
information presented by their suppliers, their logistics providers
and their own warehouse receipting process. Buyers can set
automated rules for approval, including allowing them to automate
discrepancy resolution.
- Automatically disburse payment to a supplier once an invoice is
approved and matures.
- And coming soon, suppliers will be able to select invoices for
early payment.
"With global commerce operating 24/7, companies need the ability
to view and act on information in as close to real-time as
possible. Open Account Automation offers that transparency and the
ability to self-serve," said Jay
Davenport, global co-head of Corporate Sales in GTS at Bank
of America. "Buyers will now have a more complete view of when and
where their goods are in the supply chain and sellers will have
visibility into when and what they'll be paid."
Visit the bank's website for more information about the
bank's Global Trade & Supply Chain Finance solutions.
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
15,000 ATMs (automated teller machines) and award-winning
digital banking with approximately 57 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 4 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 more than 35 countries. Bank of
America Corporation stock is listed on the New York Stock Exchange
(NYSE: BAC).
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:
Louise Hennessy, Bank of
America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
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SOURCE Bank of America Corporation