NEW YORK, Jan. 13, 2022 /PRNewswire/ -- Bank of
America today announced the launch of CashPro Forecasting, a tool
that uses artificial intelligence (AI) and machine learning (ML)
technology to more accurately predict future cash positions across
clients' accounts at Bank of America and other financial
institutions. The solution was developed in collaboration with a
fintech that specializes in applying machine learning to cash
forecasting to help solve a top pain point for companies: how to
measure future cash needs without a significant manual effort or a
costly technology investment.
"Many companies today rely on manual, repetitive work to
forecast their cash needs, leaving little time to analyze the data
for making strategic decisions, which is the actual objective of
the forecasting exercise," said Ken
Ullmann, co-head of Global Commercial Banking, Global
Transaction Services at Bank of America. "With CashPro Forecasting,
companies can automate their forecasting process while improving
the accuracy of their predictions, all without making any IT
investment."
CashPro Forecasting is available to clients already using
CashPro®, the platform that the bank's corporate and
commercial clients use to manage their everyday treasury and
borrowing needs. "Unlike competitor solutions, CashPro Forecasting
requires no onboarding since it's fully integrated into the
platform, allowing it to automatically plug into the client's
historical cash flow information," said Jay
Davenport, head of Product Structuring Sales in Global
Transaction Services at Bank of America. "A client can activate the
service themselves from their CashPro settings, and begin using it
immediately."
CashPro Forecasting uses a variety of ML models to learn from a
client's historical cash flows, automatically selecting the most
accurate one for each account and using it to forecast future cash
positions. At the end of each day, the models are retrained based
on the new cash flows from that day, allowing them to continuously
learn and adjust for changes in seasonality and other operational
impacts specific to each company.
"The economic repercussions of the pandemic have underscored the
importance of first, cash visibility, and second, accurate cash
flow forecasts. Many corporations experienced a harsh spotlight on
the shortcomings of their cash flow forecasts regardless of
source. As a result, pacesetter banks have been accelerating
enhancements to their cash flow forecasting offering," said
Alenka Grealish, Senior Corporate
Banking Analyst at Celent.
The key features of CashPro Forecasting include:
- Improved accuracy – Machine learning technology automatically
learns from historical cash flows
- Scenario analysis – Users can create their own forecast
scenarios by taking trailing averages or assigning growth
rates
- Multibank reporting – The service forecasts cash flows across
Bank of America and bank accounts held at other third party
banks
- Transaction mapping – Users can create simple rules to
automatically classify and forecast individual transactions into
categories such as Collections or Payroll
- Simple setup – Zero implementation. Companies can enable the
service directly within CashPro and begin using it immediately
- Customizable – Companies can forecast by account, currency,
transaction type, or choose their own cash flow categories. These
can be done on a daily, weekly, or monthly basis, up to a year in
the future
Backed by a team of innovators, Bank of America is a leader in
treasury and transaction services, with CashPro Forecasting being
the latest innovation brought to market. Others launched over the
last year include: Account Validation, Recipient Select, Complete
AP, the Executive Explorer travel card and an enhanced
Intelligent Receivables. Learn more about the bank's Global
Transaction Services capabilities.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 66 million consumer and small business clients with
approximately 4,200 retail financial centers, approximately 17,000
ATMs, and award-winning digital banking with approximately 41
million active users, including approximately 32 million mobile
users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range
of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and approximately 35 countries. Bank
of America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
"Bank of America" is the marketing name used by certain Global
Banking and Global Markets businesses of Bank of America
Corporation. Lending, other commercial banking activities, and
trading in certain financial instruments are performed globally by
banking affiliates of Bank of America Corporation, including Bank
of America, N.A., Member FDIC. © 2022 Bank of America Corporation.
All rights reserved.
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Reporters May Contact:
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
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SOURCE Bank of America Corporation