NEW YORK CITY – 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.”
The clients that 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.
About Bank of America:
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,200 lending centers, 2,400 financial centers with a Consumer Investment Financial Solutions Advisor and 1,700 business centers; approximately 16,600 ATMs; and award-winning digital banking with more than 37 million active users, including approximately 28 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.