Bank of America has added more reporting and new forecasting capabilities to Intelligent Receivables, its accounts receivables (AR) matching solution.
With these new capabilities, the solution will provide clients with insights based on historical trends and customer behavior, Bank of America said Monday (Oct. 24) in a press release.
“The new capabilities are a natural extension of a tool that constantly interacts with data,” Liba Saiovici, head of Global Receivables in Global Transaction Services (GTS) at Bank of America, said in the release. “The new dashboards give clients a more comprehensive view into their total collections and outstanding receivables from which they can dig further to better understand their customer’s behavior around timeliness and preferred mode(s) of payment.”
The bank has also launched Intelligent Receivables in Brazil, completing the global rollout of the product, according to the press release.
To support clients in Brazil, Intelligent Receivables’ language processing capabilities include Portuguese. Other languages were added last year, including Simplified Chinese, Traditional Chinese, Korean and Thai, the release stated.
The newly added reporting and forecasting capabilities join the tool’s existing ability to use artificial intelligence (AI) and advanced data capture technology to take data from multiple sources and match payments to outstanding invoices — thereby helping “to meaningfully reduce the costs normally associated with manual processing while speeding up the posting of revenue,” per the release.
Intelligent Receivables is increasingly being used by companies of large and medium sizes, in nearly all industries and around the world. During the 12 months ending in August, it processed about 43 million invoices — about 50% more than the number processed during the previous year, according to the release.
“The growth in adoption of Intelligent Receivables is a testament to the tool’s impact on a company’s bottom line,” Fernando Iraola, co-head of Global Corporate Sales GTS and head of Latin America GTS at Bank of America, said in the release. “We’re confident that clients will see even greater value from using the tool with its new reporting and receivables forecasting capabilities.”
PYMNTS research has found that 91% of chief financial officers (CFOs) said that digitizing their payments processes made operations more efficient.
Read more: 62% of Companies Say Digitizing AR, AP Helped Cut Costs
In addition, 84% of the CFOs said digitization helped them improve their working capital management and 62% said it helped them cut costs, according to “Business Payments Digitization,” a PYMNTS and Corcentric collaboration.