Source: Bank of America
Businesses large and small have a common challenge: choosing the best, most efficient payment channels for hundreds or thousands of recipients.
Deciding between card, wire, automated clearinghouse (ACH) or supply chain finance depends on the nature of each individual supplier and is a complex, time-consuming task.
To address that client need, Bank of America Merrill Lynch has introduced Accounts Payable Optimization. This new solution analyzes a company’s suppliers and determines the most efficient payment method for each specific entity across BofA Merrill’s Card, Payments, Supply Chain Finance, and FX Payments teams. Normally, this analysis is performed manually, if at all. With the Account Payable Optimization tool, BofA Merrill can help companies enhance their cash flow, improve days’ payable outstanding, more effectively control financing costs and strengthen supplier relationships.
“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.”
Bank clients who choose to use Accounts Payable Optimization will experience a simple onboarding process and receive deeper data analytics. They’ll use just one file to manage all treasury payables, including supply chain finance invoices, through BofA Merrill’s CashPro® Connect file payments channel.
“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.”
Accounts Payable Optimization launched earlier this year to select clients as a pilot. It is now available to all Bank of America Merrill Lynch client companies.