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.