Bank of America Global Treasury Services (GTS) has integrated its supply chain finance technology and supplier outreach services, further enhancing its Trade Payables Discounting Program.
The Trade Payables Discounting Program is intended to help Bank of America clients significantly reduce working capital requirements and finance costs throughout their supply chains.
It allows suppliers to log onto the web-based front-end system and view the amount and exact payment date of approved receivables. Clients and their suppliers can collaborate to determine the final invoice amount through the posting of credit memos. The supplier finance component then allows suppliers to sell these receivables to Bank of America in order to accelerate cash flow.
Bank of America's robust technology and enhanced functionality provide all supply chain participants with greater visibility into the cash flows associated with trade payables which in turn drives reductions in working capital requirements as well as finance and operational costs, said Dan Scanlan, senior vice president, global product manager of Bank of America.
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