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.
