Bank of America has added new features to its Intelligent Receivables platform, allowing clients to process payments in English, Simplified Chinese, Traditional Chinese, Korean and Thai across all 12 markets when BoA operates in the Asia-Pacific region and New Zealand, according to a Tuesday (Sept. 21) press release.
Intelligent Receivables uses artificial intelligence and machine learning to organize corporate clients’ incoming payment information and associated remittance details from various payment channels and sources, then matches them to open invoices.
“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, in the Bank of America announcement.
“They provide for great accuracy, cost efficiencies and the ability to redirect precious resources towards revenue generating activities,” he said.
Intelligent Deductions use machine learning and pattern recognition to capture partial payments or claims from payments received, then matches and validates the information for quicker responses to claims and better recovery of owed payments.
“In Asia, many large companies with complex operations are still faced with the challenge of manually reconciling payments with open invoices,” said Babu Vaidyanathan, head of Asia Receivables, Global Transaction Services, in the Bank of America announcement. “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 in China and promissory notes in Korea,” he said.
Intelligent Receivables is fully integrated with the Bank of America CashPro platform and has bank-agnostic features to enable smooth integration with their current platforms. It also features an analytics module to help companies understand their customers’ payment trends and high security thresholds to better protect data within the platform.
Bank of America recently named Alastair Borthwick chief financial officer, effective in the fourth quarter, as one of myriad changes to its global leadership team that also includes five new members on the senior management team.