Bank of America said its corporate clients have approved $500 billion in digital payments via its CashPro app by mid-year, marking a nearly 40 percent increase compared to the same period in 2023.
Bank of America says 550,000 users at 40,000 companies around the world use CashPro digital banking platform to manage and monitor their payments, deposits, loans, and trade finance transactions. The CashPro App is the No. 1 ranked mobile app for corporate and commercial banking.
Bank of America projects that digital payments through the mobile app will exceed $1 trillion this year as against $802 billion last year.
“This volume of payment approvals via our CashPro App reflects a shift in client behavior and digital banking expectations over the last few years,” said 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.”
Corporates can initiate digital payments across any of the four channels of the CashPro platform, being Online, App, API (application program interface) and Connect (file-based). The CashPro app platform has strong security features and customers need additional levels of approval for releasing digital payments.
“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 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.
# 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 are increasingly leveraging the app, with year-over-year payment value up 46 percent among Global Corporate Banking clients, and up 17 percent among Small Business clients.
Flavia Salvaterra, director of treasury at Kroll, said: “I’ve used the CashPro App everywhere. Having the mobile app means that you’re no longer restricted to your desktop to approve payments. It makes life a lot easier.”
Banking giants are making investment in apps that enable corporations to manage their finances using tools similar to those used by consumers on smartphones and tablets. This shift aims to capitalize on the global surge in payments revenues, which reached a record high in 2022. According to a McKinsey report, payments revenues exceeded $2.2 trillion last year, with commercial accounts contributing 53 percent of the total.
“Payments are cool again,” Mark Monaco, head of BofA’s global payments solutions business, said in an interview earlier this year.
Bank of America’s payments business processes nearly $2 trillion in transactions daily, compared to about $10 trillion daily at JPMorgan Chase and $5 trillion at Citigroup, Reuters news report said.
Baburajan Kizhakedath
