Bank of America Intelligent Receivables™ Enhanced With AR Predictive Capabilities And Enhanced Reporting | Techy Kings

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AI Solutions Also Now Available At BrazilCompleting the Global Rollout

NEW YORK, Oct. 24 2022 /PRNewswire/ — Bank of America today announced that it has enhanced its Bank of America Intelligent Receivables™ accounts receivable matching solution with additional reporting and new predictive capabilities, providing customers with insights based on historical trends and their customer behavior. The bank also announced that it has completed the global launch of Smart Debtor with the launch of the product Brazil.

Smart Debtor uses artificial intelligence (AI) and advanced data capture technology to gather payment information and relevant remittance details from various payment channels, whether electronic or paper-based. With its ability to grab data from multiple sources (including emails and attachments), Smart Receivables will work to match payments with outstanding invoices and thus help reduce costs typically associated with manual processing while speeding up revenue posting.

“These new capabilities are a natural extension of tools that constantly interact with data,” said Liba Saiovici, head of Global Receivables in Global Transaction Services (GTS) at Bank of America. “The new dashboard gives customers a more comprehensive view of their total collections and receivables from which they can dig deeper to better understand their customers’ behavior around timeliness and preferred payment modes.”

All over the world, Smart Debtors are increasingly used by large and medium-sized companies in almost all industries. Bank of America has made continuous improvements to the tool since it 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 customers in Brazil.

As an indicator of customer engagement, Penghutang Pintar last year processed ~43 million invoices[1], a ~50% increase from the previous year. “The growth in the use of Smart Receivables is evidence of the tool’s impact on the 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 customers 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, investment, asset management and other financial and risk management products and services. The company provides unparalleled facilities at United States of America, serves approximately 68 million consumer and small business customers 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 multiple asset classes, serving companies, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a range of innovative and easy-to-use online products and services. The company serves customers through operations throughout United States of America, its territory and approximately 35 countries. Shares of Bank of America Corporation (NYSE: BAC) are listed on the New York Stock Exchange.

“Bank of America” ​​is the marketing name used by some of Bank of America Corporation’s Global Banking and Global Markets businesses. Lending, other commercial banking activities and trading in certain financial instruments are conducted globally by Bank of America Corporation’s banking affiliates, including Bank of America, NA, 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 sign up for news email alerts.

www.bankofamerica.com

Journalists Can Contact:

Louise HennessyBank of America
Phone: 1.646.858.6471
[email protected]

MAP # 667404

[1] Rolling 12 months, August 2022. Source: BAC third quarter earnings

SOURCE Bank of America Corporation

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