Bank of America has announced the launch of its CashPro Supply Chain Solutions in order to provide the benefits of digitalisation to participants of a supply chain. Following this announcement, individuals that participate in a supply chain will be given the possibility to benefit from digitalisation developments by using the new CashPro solutions, with additional optimised process efficiency and improved overall working capital.

The first module of CashPro Supply Chain Solutions is Open Account Automation, and it was developed to address invoice approval and payment, one of the most common processes that take place in global trade. Moreover, the module speeds up the time that takes to approve an invoice, shortening the overall process to a couple of minutes. More information on the Open Account Automation The Open Account Automation service absorbs and collects data and information that already exists within the supply chain ecosystem.

This procedure aims to optimise the experience of individuals and participants by providing them with improved visibility, speed, and automation, as well as allowing a quicker overall decision-making process. Businesses and companies that use the Open Account Automation solution will be given the possibility to digitally onboard suppliers in order for them to gain access to real-time data that offers visibility into whether their invoices were approved for payments or if there were any discrepancies that need to be resolved. Companies will also be able to match purchase orders with invoices and other logistics data and information.

Moreover, firms will be enabled to allow buyers and shoppers to control the approval of invoices, based on the information that was presented by their suppliers, the logistics providers, and their own warehouse receipting process. Customers will also be allowed to set automated rules for approvals, such as the possibility to enable them to automate discrepancy resolution. In addition, businesses will also have the capability to extract data from document copies and include it in the automated approval procedure, while also disbursing payment automatically to a supplier once an invoice is approved and it matures.

In the following months, suppliers will be enabled to select invoices for early payments as well.  Bank of America’s recent launches At the end of August 2023, the financial institution announced the launch of Global Digital Disbursements in Canada, which was facilitated by the money movement solution of Interac, Interac e-Transfer. The launch aimed to target BofA’s commercial users who held deposit accounts at the bank’s branch in Canada. The Global Digital Disbursements alias service was developed to facilitate multiple Business-to-Customer (B2C) payment processes, as well as Customer-to-Business (C2B) collections where the identifier was the person’s email address or its mobile phone number.

The product represented a cost-efficient and client-friendly payment option for businesses and firms that were looking to replace cash or cheque payments. .