App on Track to Reach $1 Trillion by Year End
NEW
YORK, July 25, 2024 /PRNewswire/ -- Bank of
America has seen the adoption and use of its CashPro App for
corporate payment approvals accelerate significantly over the last
couple of years. Corporate payment approvals completed via the
CashPro App surpassed a record $500
billion as of the middle of this year – up nearly 40%
compared to the middle of last year – and are on pace to reach a
trillion dollars by the end of 2024.
CashPro is Bank of America's digital banking platform accessed
by 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 the
No. 1 ranked mobile app for corporate and commercial banking.
"This volume of payment approvals via our CashPro App reflects a
shift in client behavior and digital banking expectations over the
last few years," explained Jennifer
Sanctis, head of CashPro App at Bank of America. "The app's
innovative design offers a convenient and secure client experience
through which users can approve and validate payments and monitor
account activity from anywhere and at any time of day. The ability
to do so has been life-changing for our clients."
Corporate payments can be initiated across any of the four
channels of the CashPro platform, being Online, App, API
(application program interface) and Connect (file-based). For added
security, these payments may require additional levels of approval
prior to being released.
Billion-Dollar Days
Prior to the pandemic, mobile
banking for businesses was a nice-to-have convenience. During the
pandemic, it became a necessity for business continuity, and is now
an everyday experience.
One measure of the massive adoption of the CashPro App is the
number of days when the volume of corporate payment approvals
completed via the app exceeds USD $1
billion. A few years ago, this was a rare event. Today, that
value is exceeded almost daily, with USD $3
billion becoming an increasingly common occurrence:
- There have been more than 100 business days that have exceeded
$3 billion in payment approvals via
the CashPro App.
- The largest single-day of payment approvals via the app
exceeded $11 billion, which occurred
in December 2023. So far in 2024, the
largest single-day was nearly $8
billion, which occurred in June.
- Individual corporate clients now routinely process large single
payments of greater than $500 million
via the CashPro App.
- Corporate, commercial, and business banking clients of all
sizes are increasingly leveraging the app, with year-over-year
payment value up 46% among Global Corporate Banking clients, and up
17% among Small Business clients, for example.
Designed with clients in mind
Bank of America clients
play an active role in the design of CashPro's four channels. They
help prioritize various functionality and enhancements and take
part in design sessions through CashPro Advisory Boards.
One advisory board member, Flavia
Salvaterra, director of treasury at Kroll, said: "I've used
the CashPro App everywhere – from meetings to airport lounges.
Having the mobile app means that you're no longer restricted to
your desktop to approve payments. It makes life a lot
easier."
No. 1 Ranking by Coalition Greenwich
In 2023 and 2024,
the CashPro App received the top mobile ranking in Coalition
Greenwich's annual Digital Transformation Benchmarking Study.
"The CashPro team at Bank of America has been extraordinary at
providing a sophisticated platform for its clients, not least being
its mobile app. The company's ongoing investment and commitment to
providing the best client experience is what keeps them at the top
of our rankings year after year," said Chris McDonnell, head of Community, Commercial
and Digital Banking at Coalition Greenwich.
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 3,800 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 is listed on the New York Stock Exchange
(NYSE: BAC).
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
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SOURCE Bank of America Corporation