Clients Turn to Mobile for Added Visibility
and Control Over Their Payments
NEW
YORK, Dec. 10, 2024 /PRNewswire/ -- By the
end of 2024, Bank of America corporate clients will have made over
$1 Trillion in payment approvals on
the bank's CashPro App, the mobile application that companies use
to manage their treasury operations. This will represent a more
than 25% year-over-year increase in payments approved via the app,
illustrating that clients are further utilizing the technology for
its enhanced security and convenience.
"The CashPro App plays an instrumental role in helping our
clients manage their business, particularly when it comes to
payments," said Tom Durkin,
Global Head of CashPro in Global Payments Solutions (GPS) at Bank
of America. "Surpassing the trillion-dollar milestone
illustrates the value clients gain from the convenience, control
and transparency of payment approvals."
CashPro is Bank of America's digital banking platform and is
accessed by approximately 550,000 users at 40,000 companies around
the world, to manage and monitor their payments, deposits, loans,
and trade finance transactions. The CashPro App is integral to this
platform, and is the No. 1 ranked mobile app for corporate and
commercial banking.1
Lauren Hobbs, Cash Management
Manager at the energy infrastructure company Sempra, is a
CashPro super user. "The CashPro App is great," she said.
"Whether I'm in between meetings or at my desk, it's extremely
powerful. I can quickly look at account balances and approve high
dollar payments with confidence."
Bank of America clients can initiate corporate payments across
any of the four channels of the CashPro platform: online, app,
Application Program Interfaces (APIs) and Connect (file-based). For
added security, these payments may require additional levels of
approval prior to being released, and clients can leverage the
CashPro App to complete those approvals. Historically, December
sees the highest volume and value of payments approved through the
app, driven by year-end activity and users traveling during the
holiday season.
"From studying the adoption of CashPro App features, we've
watched client activity grow and change over time," said
Jennifer Sanctis, head of CashPro
App and Personalized Technologies in GPS at Bank of America.
"Through ongoing investment and listening to client feedback,
we'll continue to provide innovative financial experiences to
support their transforming needs in 2025 and beyond."
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 69 million consumer and small business clients with
approximately 3,700 retail financial centers, approximately 15,000
ATMs (automated teller machines) and award-winning digital banking
with approximately 58 million verified digital users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 4 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters may contact:
Louise Hennessy, Bank of
America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
1 In 2023 and 2024, the CashPro App received the top
mobile ranking in Coalition Greenwich's annual Digital
Transformation Benchmarking Study.
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SOURCE Bank of America Corporation