#United States #New York #Bank of America #CashPro App #Payment Approvals

Bank of America’s CashPro® App Surpassing $1 Trillion Payment Approvals

By the end of 2024, Bank of America’s CashPro® app is set to achieve a remarkable milestone, as it is projected that corporate clients will have processed over $1 trillion in payment approvals through this innovative mobile platform. This achievement will highlight a more than 25% year-over-year increase in approved payments, showcasing the growing reliance on cutting-edge technology that offers both enhanced security and convenience.

Role of CashPro in Business Management

Tom Durkin, the Global Head of CashPro in Bank of America's Global Payments Solutions, shed light on the app's significance, stating, “The CashPro App plays an instrumental role in helping our clients manage their business, particularly regarding payments.” The anticipated achievement illustrates the considerable benefits clients gain in terms of convenience, control, and transparency when using the app for payment approvals.

The CashPro platform is a digital banking hub that facilitates treasury management for approximately 550,000 users across 40,000 companies worldwide. Following its integration into this platform, the CashPro App has earned recognition as the number one mobile app for corporate and commercial banking.

User Experiences Highlighting Efficiency

Lauren Hobbs, a Cash Management Manager at Sempra, an energy infrastructure company, shared her positive experience, praising the flexibility and functionality of the app. She noted, “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.”

Clients utilize the CashPro App to initiate corporate payments across various channels, including online access, mobile app, APIs, and file-based submissions. Moreover, for enhanced security, certain payments require additional approval levels, which can be efficiently managed via the app. Historically, December has been a peak month for payment approvals due to heightened year-end financial activities and client travel during the holiday season.

Jennifer Sanctis, who leads the CashPro App and Personalized Technologies in GPS, remarked that observing client activity trends has been instrumental in optimizing the app’s features. She emphasized, “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.”

About Bank of America

Bank of America stands as a leading global financial institution, catering to individual consumers, small and mid-market businesses, and large corporations with an extensive range of banking, investment, asset management, and financial risk management services. Their robust U.S. operations serve around 69 million clients, equipped with innovative digital banking solutions and a widespread branch network. This well-established institution also ranks among the leading entities in wealth management and corporate and investment banking across a diverse asset class spectrum. With over 4 million small business households benefiting from their tailored services, Bank of America is a pivotal player in the financial services landscape.

Being constantly dedicated to improving their offerings, the CashPro App is on track to redefine corporate transaction management while achieving record milestones. This advancement not only reflects technological evolution within financial services but also indicates a proactive approach to meeting clients' growing demand for reliability, efficiency, and control.