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).
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Reporters may contact:
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
[email protected]
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SOURCE Bank of America Corporation