Bank of America Corp. created a forecasting tool that allows businesses to better manage their use of cash. The service is designed for corporate and commercial clients using the lender's CashPro app, according to executives.
The artificial intelligence and machine learning technologies in CashPro Forecasting can predict future cash positions across a company's bank accounts, adjusting those analyses based on seasonality and operational needs specific to the company. Clients that currently have access to CashPro can begin using the forecasting tool immediately, as it is already integrated into the platform, according to Tom Durkin, global product head of CashPro global transaction services.
"The value of data is at an all-time high for companies that need a new way to focus on efficiency" during periods of transition and uncertainty, Durkin said. "We're going into a rising-rates environment, so you need an effective tool that sets your cash position."
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