Bank of America is developing a new cash-flow forecasting solution for its corporate customers in conjunction with a FinTech partner.
On Monday (Nov. 4), Bank of America said it is gearing up to bring its CashPro Forecasting IQ solution to market after a successful proof of concept, though the bank did not indicate with which FinTech it is collaborating. The solution, designed for corporate treasurers, deploys machine learning technology to enhance the accuracy of cash-flow predictions, both for clients’ Bank of America accounts and their accounts with other financial institutions.
“In today’s world, companies must rely on manual, repetitive work to forecast their cash needs, which oftentimes leads to stale and inaccurate results,” said Bank of America Head of Cross Product Solutions and Commercialization for Global Transaction Services Jo Miyake in a statement sent to PYMNTS. “Further compounding the situation, companies may need to make strategic decisions based off of that old or erroneous data, or otherwise put off the decisions and miss critical opportunities.”
He added that CashPro Forecasting IQ aims to move treasurers’ cash management operations closer to real time. The bank expects the solution to be integrated into the broader CashPro platform, currently used by 500,000 corporate customers.
In other recent initiatives to strengthen its corporate banking offering, Bank of America announced the launch of its Accounts Payable Optimization tool, which analyzes corporate customers’ suppliers to automatically choose which payment method is best to settle outstanding invoices. The solution supports commercial cards, wire and ACH, as well as supply chain finance and invoice payments.
In a recent interview with PYMNTS, Head of Financing and Channels for Global Transaction Services J.P. Jolly also discussed the bank’s API-first strategy to enable clients to more easily integrate their bank account data with other solutions.
“In the past, clients would have to manually download the same data every day and rearrange it so they could track in it whichever format they typically use,” Jolly said. “Now, they can just call upon those APIs and download the data in whatever format they want to use. That’s a better service experience for our clients.”