Get Smart: BofAML Brings AI to Accounts Receivable
Bank of America Merrill Lynch is launching a new solution—Intelligent Receivables—that uses artificial intelligence (AI) and other software to help companies “vastly improve” their straight-through reconciliation (STR) of incoming payments to help them post their receivables faster.
Intelligent Receivables is designed for large or complex companies that are seeking to reduce costs, decrease days-sales-outstanding, and improve cash forecasting and their end-customer experience, the bank said. The service is “ideally suited” for companies that manage a large volume of payments where the remittance information is either missing or received separately from the payment.
Incomplete remittance information typically leads to an arduous and costly reconciliation process, says Rodney Gardner, head of global receivables in global transaction services at Bank of America Merrill Lynch. “Our solution brings together AI, machine learning and optical character recognition, setting a new bar in accounts receivable reconciliation and payment matching,” adds Gardner.
Powered by HighRadius, a fintech enterprise software-as-a-service company, Intelligent Receivables:
- Identifies payers and associates their payments to remittances that are received separately.
- Extracts remittance data from emails, email attachments, electronic data interchange and payer web portals.
- Matches payments to open receivables using the enriched remittance data.
- Creates a receivables posting file that the client uploads to their ERP system.
Intelligent Receivables is currently available in the U.S. and Canada. It will become available in other countries and regions later this year, the bank said.