Bank of America is launching CashPro Supply Chain Solutions to offer supply chain participants the benefits of digitization, improved process efficiency, and working capital optimization. So far, the CashPro platform is used by more than 40,000 business clients to manage their treasury and trade operations.
Open Account Automation is the first module of CashPro Supply Chain Solutions. It addresses invoice approval and payment, speeding up the time to approve an invoice from days or weeks to minutes.
Trade finance is still paper-heavy because of a dependency on traditional manual processes. The elimination of that dependency is central to the design of CashPro Supply Chain Solutions, through which they’re introducing digitization. Open Account Automation absorbs and collates data from within the supply chain ecosystem and improves participant experience by delivering greater visibility, speed, automation, and quicker decision-making. Features include:
- Digitally onboard suppliers gain access to real-time data and near-instant visibility into whether invoices have been approved for payment, or if there were discrepancies to be resolved
- Extract data from document copies and include that data in the automated approval process
- Match purchase orders with invoices and other logistics information.
- Let buyers control the approval of invoices based on information presented by their suppliers, logistics providers, and their own warehouse receipting process. Buyers set automated rules for approval.
- Automatically disburse payment to a supplier once an invoice is approved and matures.
- Suppliers will soon be able to select invoices for early payment.
Open Account Automation offers transparency and the ability to self-serve. Buyers will now have a complete view of when and where their goods are in the supply chain, and sellers will have visibility into when and what they’ll be paid.