Bank of America unveils AI payment processing tech
Written by Anthony Strzalek
Bank of America has partnered with FinTech outfit HighRadius to launch a new AI solution designed to help companies improve their straight-through reconciliation (STR) of incoming payments.
HighRadius’ Intelligent Receivables solution, which uses AI and other software, will look to help companies post their receivables faster. It is designed for large or complex companies that are seeking to reduce costs, decrease days-sales-outstanding (DSO), and improve cash forecasting and their end-customer experience.
Bank of America says it is suited for companies that manage a large volume of payments where the remittance information is either missing or received separately from the payment.
Rodney Gardner, head of global receivables in global transaction services at Bank of America Merrill Lynch, said: “Our solution brings together AI, machine learning and optical character recognition, setting a new bar in accounts receivable reconciliation and payment matching.
“We’re excited to be working with leading FinTech provider HighRadius to add Intelligent Receivables to our suite of solutions.”
Sashi Narahari, CEO and president of HighRadius Corporation, added: “Bank of America Merrill Lynch’s Intelligent Receivables solution, powered by HighRadius' cutting-edge machine-learning technology, will enable their corporate clients to accelerate the adoption of electronic payments from their end-customers. We are extremely excited to work with BofA Merrill on modernising treasury management services and streamlining the receivables-to-cash cycle.”