AI in Account Receivables
Bank of America Merrill Lynch and fintech startup High Radius are bringing artificial intelligence and account receivables together for corporates processing large volumes of payments.
The ‘Intelligent Receivables’ solution is designed to streamline the receivables process, using AI technology to reduce costs, decrease days-sales outstanding, and improve cash forecasting and end-customer experience.
The solution is able to identify payers and remittance data that are received separately, extract remittance data from emails, electronic data interchange and payer web portals, and create receivables posting files that clients can upload to their ERP system.
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