Payments

Bank of America boosts Intelligent Receivables solution with additional languages

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September 30, 2021

Bank of America has updated its Intelligent Receivables solution to allow clients to process payments and remittances data with payment instructions in simplified Chinese, traditional Chinese, Korean and Thai, according to a press release.

Intelligent Receivables is powered by AI and machine learning and organizes incoming payment information and remittance details from different channels and matches payments to open invoices. It can send payments information quickly, allowing for accurate matching of payments and invoices.

The solution is also integrated with Bank of America's CashPro platform for single-sign in and features an additional analytics module to analyze payment trends.

"In Asia, many large companies with complex operations are still faced with the challenge of manually reconciling payments with open invoices. 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 (eBAD) in China and promissory notes in Korea," Babu Vaidyanathan, head of Asia Receivables, global transaction services for Bank of America, said in the release. "In short, we are enabling them to enjoy the benefits of a fully automated reconciliation process despite operating in a diverse set of markets."