New fintech solution brings AI to accounts receivables Global Trade Review (GTR)

Bank of America Merrill Lynch has launched a new fintech solution that brings together artificial intelligence, machine learning and optical character recognition to help companies match incoming payments with invoices. Under the name Intelligent Receivables, the solution is developed by HighRadius, a US-based fintech company. It is targeted at large or complex companies where the remittance information is either missing or received separately from the payment, which according to the bank is a source of big frustration to its clients. Using AI and other new technologies, Intelligent Receivables can help these companies improve their straight through reconciliation (STR) of incoming payments and post their receivables faster. It does so in four steps: first, the solution identifies payers and associates their payments to remittances that are received separately. Third, it uses this enriched remittance data to match payments to open receivables.