Bank of America Merrill Lynch has launched an artificial intelligence (AI) initiative designed to help consumers improve straight-through reconciliation (STR).
The effort stems from a desire to improve the process of recording incoming payments and posting receivables faster.
The bank said Intelligent Receivables 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. The new solution is ideally suited for companies managing large volume of payments where remittance information is either missing or received separately from the payment.
“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,” Sashi Narahari, chief executive officer and president of HighRadius Corporation, said. “We are extremely excited to work with BofA Merrill on modernizing treasury management services and streamlining the receivables-to-cash cycle.”
There are four steps involved in the straight-through reconciliation process:
Identification of payers and associates their payments to remittances that are received separately.
Extraction remittance data from emails, email attachments, electronic data interchange (EDI) and payer web portals.
Matching payments to open receivables using the enriched remittance data.
Creating a receivables posting file that the client uploads to their ERP system.
Intelligent Receivables is currently available in the United States and Canada, officials noted, adding it will become available in other countries and regions later this year.