Bank of America Merrill Lynch launches AP optimisation solution
Bank of America Merrill Lynch has introduced the Accounts Payable Optimization tool. The solution analyses a company’s suppliers and determines the most efficient payment method for each specific entity across the bank’s Card, Payments, Supply Chain Finance, and FX Payments teams.
By automating this analysis, the bank says it can help companies enhance their cash flow, improve days’ payable outstanding, more effectively control financing costs, and strengthen supplier relationships.
Corporate clients that choose to use Accounts Payable Optimization can use just one file to manage all treasury payables, including supply chain finance invoices, through BofA Merrill’s CashPro Connect file payments channel.
The solution launched earlier this year to select clients as a pilot. It is now available to all Bank of America Merrill Lynch client companies.