BOFA MERRILL brings artificial intelligence to accounts receivables


Matching incoming payments with invoices has lengthy been a frustration for groups. Many valuable hours are spent looking to decide who is purchasing what. nowadays, bank of the us Merrill Lynch is pleased to announce a brand new answer – sensible Receivables – that uses artificial intelligence (AI) and different software to assist companies massively improve their straight-through reconciliation (STR) of incoming payments to help them put up their receivables faster.

wise Receivables is designed for big or complex companies which can be searching for to lessen charges, decrease days-sales-exceptional (DSO), and improve cash forecasting and their cease-purchaser revel in. the new solution is perfectly suited for groups that manage a massive quantity of bills in which the remittance facts is either missing or acquired one by one from the charge.

Incomplete remittance statistics commonly ends in an exhausting and high-priced reconciliation manner, explained Rodney Gardner, head of worldwide Receivables in international Transaction offerings at financial institution of the us Merrill Lynch. "Our answer brings collectively AI, system learning and optical individual reputation (OCR), putting a new bar in money owed receivable reconciliation and price matching," delivered Gardner. "We’re excited to be operating with main fintech provider HighRadius to feature shrewd Receivables to our suite of solutions."

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