Bank of America said Thursday (July 25) that the volume of corporate payment approvals completed via its mobile app for corporate and commercial banking, CashPro App, is up 40% from last year.
The volume topped $500 billion in the first half of 2024 and is on pace to reach $1 trillion by the end of the year, the bank said in a Thursday press release.
The CashPro App is part of Bank of America’s CashPro digital banking platform that allows clients to manage and monitor their payments, deposits, loans and trade finance transactions, according to the release.
The platform provides four channels through which clients can initiate corporate payments: App, Online, API (application programming interface) and Connect (file-based), the release said.
CashPro is accessed by 550,000 users at 40,000 companies worldwide, per the release.
The growth in the volume of corporate payment approvals completed via the app has been seen among clients of all sizes, with the year-over-year payment value among global corporate banking clients up 46% and that of small business clients up 17%.
“This volume of payment approvals via our CashPro App reflects a shift in client behavior and digital banking expectations over the last few years,” Jennifer Sanctis, head of CashPro App at Bank of America, said in the release.
Mobile banking for businesses has gone from a nice-to-have convenience prior to the pandemic, to a necessity during the pandemic, to an everyday experience today, according to the release.
“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,” Sanctis said. “The ability to do so has been life-changing for our clients.”
Bank of America’s CashPro team has partnered with large-scale enterprise resource planning (ERP) and treasury management system (TMS) providers across the globe as part of its CashPro network, simplifying integration for business clients and meeting their data reporting and payments needs, Meg Garand, head of CashPro Payments and CashPro API at Bank of America, told PYMNTS in an interview posted Friday (July 19).
“We rely on our clients to advise us here to tell us where we should prioritize our resources and what we want to bring to market to best meet their needs,” Garand said.
Recent additions to the CashPro platform include a transaction search engine announced July 11 and an analytics tool introduced in January.
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