Open Account Automation Marks First Phase of a Multi-Year Investment Benefiting All Parties in Supply Chain, Delivering Greater Visibility and Speed
NEW YORK and TORONTO, Sept. 18, 2023 /PRNewswire/ — As part of a multi-year effort to transform trade finance, Bank of America is launching CashPro Supply Chain Solutions, a platform that will offer participants in a supply chain the benefits of digitization with improved process efficiency and working capital optimization. CashPro is the banking platform used by more than 40,000 business clients to manage their treasury and trade operations.
Open Account Automation, the first module of CashPro Supply Chain Solutions, addresses invoice approval and payment, one of the most common processes in global trade. This module speeds up the time to approve an invoice from what was often days or weeks to a matter of minutes.
“Trade finance is still a paper heavy industry despite advances in technology, due in large part to the dependency on traditional manual processes,” said Geoff Brady, head of Global Trade and Supply Chain Finance in Global Transaction Services (GTS) at Bank of America. “Eliminating that dependency was central to the design of CashPro Supply Chain Solutions, through which we’re introducing digitization on behalf of network participants.”
Open Account Automation absorbs and collates data that exists within the supply chain ecosystem. Its goal is to improve the overall participant experience by delivering greater visibility, speed, and automation and allow quicker decision making. Companies using Open Account Automation will be able to:
- Digitally on-board suppliers who then gain access to real-time data that provides near-instant visibility into whether their invoices have been approved for payment, or if there were discrepancies that need to be resolved.
- Extract data from document copies and include that data in the automated approval process.
- Match purchase orders with invoices and other logistics information.
- Let buyers control the approval of invoices based on information presented by their suppliers, their logistics providers and their own warehouse receipting process. Buyers can set automated rules for approval, including allowing them to automate discrepancy resolution.
- Automatically disburse payment to a supplier once an invoice is approved and matures.
- And coming soon, suppliers will be able to select invoices for early payment.
“With global commerce operating 24/7, companies need the ability to view and act on information in as close to real-time as possible. Open Account Automation offers that transparency and the ability to self-serve,” said Jay Davenport, global co-head of Corporate Sales in GTS at Bank of America. “Buyers will now have a more complete view of when and where their goods are in the supply chain and sellers will have visibility into when and what they’ll be paid.”
Visit the bank’s website for more information about the bank’s Global Trade & Supply Chain Finance solutions.
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 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital 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 4 million small business households 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 more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
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Reporters may contact:
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
SOURCE Bank of America Corporation
