Bank of America has introduced a new transaction search engine with integrated investigation capabilities on its CashPro platform. This development aims to provide corporate finance departments, treasurers, and CFOs with the same ease and convenience they experience in managing personal finances.
CashPro is utilized by 40,000 companies globally to manage payments, deposits, loans, and trade finance transactions. The new features were developed based on client feedback and are part of the CashPro Data Intelligence suite, which offers tools for insights into treasury operations.
"CashPro Search is a major time saver for our clients who’ve used it 7 million times since it was initially deployed," said Christian Stolcke, head of Financial Institutions, NBFIs and Governments in Global Payments Solutions (GPS) at Bank of America. "Within seconds, the tool searches across multiple accounts and applications to find a business transaction."
The search engine provides full visibility into transactions with details such as payment status, incoming and outgoing messages, Swift GPI tracking details, and images.
Clients can now launch inquiries directly from CashPro Search to validate payment statuses or details. These inquiries cover various transaction types including domestic or international wires, Automated Clearing House (ACH) Payments, Real-Time Payments, incoming FX credit transactions or loan proceeds. The data from these inquiries is automatically routed to the service team for resolution tracking.
“Win-win may be an overused phrase but it’s the perfect way to describe the benefits of CashPro Search with Investigations,” said Abbey Novack, CashPro Product Executive in GPS at Bank of America. “We’ve significantly streamlined service requests so that rather than picking up the phone or having to send an email, a client can directly initiate and track their request within CashPro.”
Since its launch in September 2023, more than 40% of CashPro clients have engaged with Erica AI technology through CashPro Chat for quick access to account information and navigation assistance.
Part of the Data Intelligence suite includes CashPro Insights launched in January 2024. It analyzes company data flowing through the platform to generate operational improvement insights.
The platform also includes Supply Chain Solutions launched in September 2023. Its first module addresses invoice approval and payment processes common in global trade.
Bank of America serves approximately 69 million consumer and small business clients through various channels including retail financial centers and digital banking platforms. It operates across more than 35 countries offering wealth management, corporate banking services among others.
For further information:
Louise Hennessy
Phone: 646-858-6471
Email: Louise.hennessy@bofa.com