Bank of America launches payable optimisation solution

By Georgia Wilson
To address client needs,Bank of America Merrill Lynchhas introduced Accounts Payable Optimization. The new system aims to solve a common business probl...

To address client needs, Bank of America Merrill Lynch has introduced Accounts Payable Optimization.

The new system aims to solve a common business problem of choosing the best and most efficient payment method for hundreds of recipients, by analyzing each supplier to determine the most efficient payment method for each.

“We’re excited to launch Accounts Payable Optimization and help take the guesswork out of supplier payment analysis,” said Hubert J.P. Jolly, head of Channels and Global Commercial Banking for Global Transaction Services (GTS) at BofA Merrill. “Besides releasing our clients’ treasury teams from manual tasks, the tool delivers actionable data that helps improve a company’s own cash flow and supplier relationships.”

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For clients choosing to use the Accounts Payable Optimization they will experience a simple onboarding process, receiving deeper data analytics. The client will also have one file to manage all treasury payables.

“One of our guiding principles is advocating for our clients, and we do that by bringing clients solutions before they even know they need them,” said Fernando Iraola, global co-head of GTS Corporate Banking. “Accounts Payable Optimization is a perfect example of our approach to advocacy.”

A pilot launch was conducted earlier this year to select clients of the bank, but is now available to all Bank of America Merrill Lynch client companies.

For more information on all topics for FinTech, please take a look at the latest edition of FinTech magazine.

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