Bank of America Merrill Lynch is offering commercial clients a new accounts receivable solution powered by artificial intelligence, designed to help companies streamline incoming payments and post receivables quicker.
Dubbed Intelligent Receivables and created in partnership with a fintech company called HighRadius, the service seeks to help companies match incoming payments with invoices by extracting remittance data from emails, email attachments, electronic data interchange and payer web portals.
The AI technology then matches payments to open receivables using the enriched remittance data, and creates a receivables posting file that the client uploads to the company’s enterprise resource planning system.
Innovation in accounts receivable has become a focus for banks; Bank of America’s new service comes on the heels of last week’s announcement by KeyCorp of a new AR solution called KeyTotal AR, which is also powered by a fintech partnership.
“There are many meaningful, measurable benefits that clients will receive from using Intelligent Receivables,” Hilani Kerr, head of North America Corporate Global Transaction Services at Bank of America Merrill Lynch, said in a press release Tuesday. “We are committed to working alongside fintech companies to bring more innovations like Intelligent Receivables to our clients, and create practical applications of new technology that will help them achieve greater efficiency and cost savings.”