Bank of America Merrill Lynch has unveiled a new solution that uses artificial intelligence (AI) technology to help firms streamline incoming payments and post receivables faster.
Named Intelligent Receivables, the new solution is powered by fintech firm High radius.
Bank of America said that the solution is ideal for large or complex companies that manage a large volume of payments and are looking to lower costs.
The AI-based solution identifies payers and matches their payments to remittances received separately; extracts remittance data from emails, email attachments, electronic data interchange and payer web portals; as well as matches payments with open receivables through the remittance data.
Intelligent Receivables also creates a receivables posting file that the client uploads to the firm’s enterprise resource planning system.
The solution has been currently rolled out in the US and Canada, with a broader roll out anticipated later in 2017.
Bank of America Merrill Lynch head of global receivables in global transaction services Rodney Gardner said: “Incomplete remittance information typically leads to an arduous and costly reconciliation process. Our solution brings together AI, machine learning and optical character recognition (OCR), setting a new bar in accounts receivable reconciliation and payment matching.”