Automated Solution Easily Integrates with Accounting or ERP Technology to Quickly Deliver Results
Bank of America is launching Complete AP to help companies digitize and automate their accounts payable departments. The solution can be integrated into almost any existing enterprise technology with minimal interruption. Through Complete AP, a company can realize an often longstanding objective to digitally transform their treasury back office with ease and speed.
“Many companies overlook their treasury back-offices as a place to find efficiencies or target for technology investments, prioritizing instead the more visible revenue-generating initiatives of their business. With Bank of America Complete AP, however, a company can quickly see results from reduced manual processing and human error, while also improving employee and vendor satisfaction,” said Brad Garfield, Global Head of Commercial Card Product in Global Transaction Services at Bank of America.
Bank of America Complete AP captures and digitizes supplier invoices, routing them for coding and approval via an online portal. A company using the product has full visibility and control into invoices and payments, leveraging organized queues, alerts and audit to keep the approval process on track. Once the company’s AP team selects an invoice for payment, Complete AP transacts the payment via a virtual card, ACH, or check in accordance with the supplier’s preference.
Complete AP is not solely a technology innovation, but rather a holistic AP solution. Complete AP’s servicing team manages communications on behalf of the client, helping suppliers enroll in the payment network, make changes to their preferences, or manage research and support inquiries.
“Among the many things the pandemic has highlighted is the central role that digital solutions play in a company’s business continuity plans,” said Stephanie Wolf, head of Global Financial Institutions, Governments and Business Banking in Global Transaction Services at Bank of America. “Complete AP could be the perfect solution for a company looking to advance its digital transformation and reduce friction caused by manual invoice processes and paper-based payments.”
Companies that could benefit from Bank of America Complete AP would include those that have a dispersed back office and a desire to centralize accounts payable, and are currently processing more than 200 invoices per month with more than 75 percent of total payments sent via check.
Bank of America Complete AP is the latest development in the bank’s goal to digitize the client experience. Other recent investments include the expansion of a suite APIs for payments and foreign exchange, a cross-border payments tracker and enablement of real-time payments on The Clearing House’s RTP® network.
Source: Company Press Release