Tech is rapidly changing how business gets done—especially for B2B payments. AI, automation and other advances are enabling smarter decisions and eliminating waste. In this new article, BofA Commercial Card head Brad Garfield outlines the bank’s embrace of new tech, focusing on four payables pain points:
• Cumbersome AP processes
• Inability to capture dining spend
• Expense reporting inefficiencies
• Digital purchasing transformation
Automating accounts payable
In 2020, clients will be able to eliminate paper and manual work from the invoice-to-pay process. Our solution will digitize invoices—including those created ad hoc—and centralize them in an online portal for your team to review. It’s compatible with more than 150 ERP systems, and offers API and file integration.
The end of expense reporting?
Manually spot-checking expense reports is time-consuming and expensive—and may be ineffective. That’s why we’ve introduced a “virtual detective” that uses AI to analyze every single transaction so you can look at spend holistically. With less cost, greater controls and easier compliance.
Preferred airline and hotel programs are purchasing mainstays. Now you can benefit from preferred dining with our new network that connects business travelers to more than 20,000 restaurants nationwide. It’s free to enroll and helps card program managers capture spend that often goes onto employees’ personal cards.
Smarter digital purchasing
Your employees are already using online marketplaces in their personal lives. Now they can use an online marketplace that’s designed just for business procurement. They get the same easy consumer experience, and your organization gets special discounts, spend analytics and unlimited free two-day shipping.