Ken Ullmann, co-head of Global Commercial Banking, Global Transaction Services at Bank of America, said the platform seeks to help companies predict future cash needs with little effort. “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,” he explained in a press release. CashPro Forecasting learns and adapts to a business’s seasonal and company-specific operational impacts. It retrains cash flow ML models at the end of each day, automatically selecting the most accurate model for each account. The new tool is available to all Bank of America CashPro users and is easy to adopt. It’s fully integrated with the CashPro platform, meaning it already has access to client cash flow history without any onboarding or manual input required. The tool can be used immediately and is activated in the CashPro app’s settings. In the press release, Alenka Grealish, Senior Corporate Banking Analyst at Celent, said banks have been looking to implement stronger cash flow analytic services for their clients. This is especially critical today considering the unforeseen economic repercussions caused by the COVID-19 pandemic. Other key features of the CashPro Forecasting tool include transaction mapping, multibank reporting, forecast scenario generation, and heightened forecasting customizability. Users can adjust forecasting aspects such as currency and transaction type, and they can choose cash flow categories on a daily, weekly, or monthly basis – up to a year in advance. Bank of America has released a number of transaction services and financial products over the last year, including Account Validation, Recipient Select, Complete AP, and the Executive Explorer travel credit card.
