Treasury Management Internation Logo

Bank of America Invests in Cashflow Forecasting Solution

Published 

Following a successful proof of concept, Bank of America is working with a Silicon Valley based fintech to bring to market a solution to address one of the top issues impacting corporate treasurers: how to effectively and accurately forecast their cash position. Currently, businesses face the problem of relying on time consuming and inaccurate cash forecasts, leading to suboptimal working capital and liquidity decisions.

“In today’s world, companies must rely on manual, repetitive work to forecast their cash needs, which oftentimes leads to stale and inaccurate results. Further compounding the situation, companies may need to make strategic decisions based off that old or erroneous data or otherwise put off the decisions and miss critical opportunities,” said Jo Miyake, head of Cross Product Solutions and Commercialisation in Global Transaction Services at Bank of America.

“We believe our solution will be transformative in helping companies receive that strategic intelligence closer to real time while also releasing key staff from performing manual work,” Miyake added.

The solution, which will be called CashPro Forecasting IQ™, follows a recently completed proof of concept involving select number of bank clients. The innovation is expected to use machine learning technology to more accurately predict future cash positions across a client’s accounts at Bank of America and other banks. CashPro Forecasting IQ™ will enable clients to streamline and improve the accuracy of forecasting without the need for any IT investment.

The forecasting tool is expected to be incorporated into Bank of America’s CashPro® platform, which is used by 500,000 users among the bank’s corporate, commercial, and business banking clients to manage their everyday treasury and lending needs. Bank of America’s leadership in digital banking for businesses is centered on CashPro.

Most recent episodes

HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...

25:12

HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...

16:24

The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...

33:16

HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....

20:58

Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...

34:25

HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...

25:48

Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...

28:21

Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...

16:54

Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...

23:55

Instant Payments: Instant Rewards

TMI’s Eleanor Hill sits down in the virtual TreasuryCast studio with J.P. Morgan’s Global Head of Real-Time Payments, Cyrus Bhathawalla, to discuss how treasurers can capitalise on the evolving nature of real-time payments. Our guest contemplates the elements...

23:55