Bank of America announced that by the end of the current year, corporate clients of this financial institution will have made more than $1 trillion in approvals for payments through the CashPro App.
The mentioned information was published by the specified lender on Tuesday, December 10th. The relevant data is clear evidence that businesses are actively embracing digital solutions that provide security and optimization. Also, within the framework of these functional offers, the maximum level of convenience is guaranteed. Practice in which the chief financial officers and treasury teams were tethered to desktops or awaiting email approval is gradually becoming a history that exists within the boundaries of the past.
Jennifer Sanctis, head of the CashPro App and personalized technologies in Global Payments Solutions at Bank of America, said during a conversation with media representatives that customers, according to them, start and end their day with the mentioned app. Also in this context, it was separately noted that the app has become an instrumental part of clients’ workflow.
Jennifer Sanctis stated that the scale of transactions handled by CashPro demonstrates growth in tandem with an increase in the number of the user base. She also separately drew attention to the fact that the number of approved payments rose by more than 25% year-on-year.
In 2020, Bank of America began tracking billion-dollar days when payment approvals through the app exceeded $1 billion in value. Four years later, multibillion-dollar days have become what can be described as a common practice. Currently, the average daily volume is $4 billion.
Jennifer Sanctis said that on the peak day, the total amount of approved payment transactions reached the $11 billion mark. She noted that the corresponding indicator underscores that the app is reliable for high-stake operations such as mergers and acquisitions.
According to Jennifer Sanctis, customers rely on the app for everything, including routine weekly payroll and sensitive high-dollar transactions. She noted that the process of approving payments through CashPro supplements and enhances the internal payment approval process bank clients already have in place when it comes to payments originating and payments going out the door of their companies.
Scaling up a kind of obsession with mobile treasury management and the growth of payment transaction volumes is understandable. In this case, users get access to functional solutions that are characterized by simplicity.
Digital treasury solutions provide an effective combination of convenience, control, and security. Currently, businesses can approve transactions, monitor cash flow, and even predict future financial trends. It is noteworthy that the solution of the relevant tasks can be carried out in parallel with the processes that are part of the structure of the actions of everyday life, for example, during morning coffee or on the way to work.
Jennifer Sanctis stated that treasurers want more convenience and access at their fingertips. She noted that regardless of what customers need to do, the app approval experience has been instrumental in giving them that extra peace of mind.
The CashPro App’s ascent accelerated during the coronavirus pandemic. The corresponding process is related to the fact that businesses transitioned to remote work and were looking for mobile alternatives to office-bound processes. In this context, Jennifer Sanctis recalled how customers relied on CashPro to approve payments after they left physical protection tokens in their offices. In this case, a shift was recorded in mobile adoption, which continues to intensify.
Jennifer Sanctis drew attention to the fact that after the opening of the offices, the situation in the context of the scale of customer interaction with the app has not changed. According to her, clients just want to continue to do more.
One of the defining aspects of the CashPro journey is the customer-centered approach. Jennifer Sanctis stated that Bank of America always keeps its finger on the pulse of technological advances and how they can be applied to meet clients’ needs. According to her, the financial institution works closely with clients to refine and expand offerings. The corresponding process is carried out through direct feedback channels and the CashPro Client Board. According to her, user feedback in this case is positive. She noted that many praised the app’s ability to simplify complex processes, maintaining efficiency and security.
CashPro is not a reflection of the achievements of the past, being a springboard for future innovations. Jennifer Sanctis outlined a roadmap that focuses on security, data intelligence, and personalized experiences. Features such as biometric authentication, fraud detection, and real-time push notifications are already popular among users. At the same time, the bank’s team is doubling down on delivering predictive and proactive capabilities.
Jennifer Sanctis stated that while the mobile app is gaining traction, the multi-channel CashPro platform is available through online, app, APIs, and file-based interfaces. An appropriately integrated approach allows clients to manage their treasury operations through various channels.
Jennifer Sanctis stated that until 2025, the evolution of the app is likely to include advances in the area of artificial intelligence, predictive analytics, and integration with emerging technologies. According to her, Bank of America continues to strive to remain at the forefront of industry trends, ensuring that CashPro continues to differentiate itself in mobile treasury solutions.
Jennifer Sanctis noted that the app is a differentiator for a financial institution. According to her, the bank intends to continue the momentum of investment and accelerate next year. She said that it is all about personalized, proactive, and predictive experiences.
As we have reported earlier, Bank of America Allows Companies to Lock in FX Rates.
