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 rollout of Smart Debtor with the launch of the product in 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 that 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 invoices1, a ~50% increase from the previous year. “The growth in the use of Smart Receivables is a testament to the tool’s impact on a 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 are confident that customers will see greater value from using the tool with its new reporting and receivables forecasting capabilities.”