Improvements Provide Companies the Ability to Customize the Solution for local market needs
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 markets where Bank of America operates across Asia Pacific, in addition to New Zealand.
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.