What is Bank of America’s settlement process?

Here's how their settlement works:

Bank of America offers robust banking and cash settlement services that support both individuals and businesses in managing financial transactions efficiently. For ACH (Automated Clearing House) payments, the bank processes both standard and same-day transfers, enabling timely settlement of payroll, bill payments, and recurring transactions. Same-day ACH improves liquidity and cash flow management for businesses. For more urgent needs, wire transfers are available. Domestic wires initiated before 5:00 p.m. ET typically settle on the same business day, while international wires depend on the destination country’s banking hours and clearing systems.

Here is a summary table:

How do I qualify for same-day ACH transfers with Bank of America?

Bank of America offers same-day ACH for qualified clients who submit eligible transactions before the cut-off. Businesses may need to activate ACH services and comply with NACHA transaction limits.

What is Bank of America's cut-off times for domestic and international wire transfers to guarantee same-day settlement?

To guarantee same-day settlement at Bank of America, domestic wires must be sent by 5 PM ET, while international transfers typically require submission by 3 PM ET. Foreign currency exchanges or additional verification steps may affect these timelines.

How quickly are card payments settled through Bank of America?

Bank of America settles most card transactions in 1 to 2 business days. Merchants using advanced services like Intelligent Receivables may see faster reconciliation and cash application.

Does Bank of America integrate with common accounting or ERP software to streamline reconciliation?

Bank of America’s Intelligent Receivables platform integrates with ERP systems such as Oracle and SAP, using AI to match payments to invoices and improve reconciliation accuracy.

How Receiptor Helps Accountants with Settlement Needs

Managing settlements—whether it's reconciling ACH payments, wire transfers, or card transactions with Bank of America—can get messy fast. Receiptor simplifies the process with automation, visibility, and smart syncing.

1. Centralize Receipts and Payment Proofs Instantly

Receiptor captures and stores all your receipts, invoices, and disbursement documents in one secure dashboard. No more digging through emails or folders when clients ask for proof of settlement.

• Automatically extracts and tags key details like amount, date, and payee
• Supports multi-format uploads (PDFs, emails, scans, etc.)
• Uses AI to detect transaction types (ACH, wire, card)

2. Match Transactions Automatically

Receiptor’s AI matches receipts with bank feeds or settlement records to help accountants stay audit-ready without lifting a finger.

• Automatically reconciles payments to invoices
• Flags mismatches or duplicates for manual review
• Supports bulk imports from ERP/accounting systems

3. Export Audit-Ready Reports in Clicks

Whether it’s month-end or tax season, Receiptor makes it easy to compile clean, audit-ready files that reflect actual settlements.

• Download reconciled reports by payment type, client, or date
• Export to CSV, Excel, or directly to your accounting software
• Ensure compliance with local and international recordkeeping requirements

4. Integrate with Your Accounting Stack

Receiptor works with your existing tools, making settlement reconciliation seamless.

• Integrates with Xero, QuickBooks, SAP, and more
• API-ready for custom workflows
• Syncs with bank feeds and card processing platforms

5. Track Settlement Timelines & Exceptions

Need to know if that wire hit the account or why your Bank of America card payment hasn’t cleared? Receiptor helps you monitor and troubleshoot fast.

• Real-time status tagging (e.g. “Pending”, “Cleared”, “Exception”)
• Comment and note history for each transaction
• Transparent logs for client or auditor access

For more information about Bank of America's settlement process, you can visit this link.

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• Receiptor AI: A Founder's Vision for Automated Bookkeeping