The financial services sector is no stranger to data analytics, but subjective, gut-based decision-making is still the norm in some areas. Take equity capital markets (ECM) bankers, who specialize in helping clients raise capital through initial public offerings (IPOs) and the like. Traditionally, ECM bankers have relied on relationships with investors and their expertise of the financial and industry landscape to identify investors who are most likely to participate in an upcoming deal. Bank of America is looking to turn that tradition on its head with the use of artificial intelligence (AI). Get the insights by signing up for our newsletters.

Artificial intelligence is making its way into the messy world of account receivables for those corporates processing large volumes of payments, thanks to Bank of America Merrill Lynch and fintech startup, High Radius. The "Intelligent Receivables" solution is designed to streamline the receivables process, using AI technology developed by High Radius to fill in the gaps or allow companies to upload missing remittance information to invoices, the companies announced today. Using this solution, payers are automatically identified, as is remittance data that might have arrived separate to an invoice. Clients can also set up automatic emails to payers, in order to further streamline the process. The solution is presently available for clients in the United States and Canada, but it is expected to roll out to other markets later this year.