Bank of America Merrill Lynch has become the latest bank to implement AI

This story was delivered to BI Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here. Bank of America Merrill Lynch (BAML) has revealed that it is implementing enterprise software fintech HighRadius' artificial intelligence (AI) solution to speed up receivables reconciliation for the bank's large business clients. Large companies with numerous customers often receive payments without accompanying contextual information, like which customer or debtor it's come from, or precisely what the payment is for, which makes balancing a company's books, i.e. reconciling, a lengthy and resource-intensive task. HighRadius' solution uses AI, machine learning, and optical character recognition to identify a payer, match them to an uncontextualized payment, and match that to an open receivable.