Bank of America has reported a significant increase in the adoption and use of its CashPro App for corporate payment approvals. As of mid-2024, corporate payment approvals via the CashPro App have surpassed $500 billion, marking an increase of nearly 40% compared to the same period last year. The app is projected to reach a trillion dollars in payment approvals by the end of 2024.
CashPro, Bank of America's digital banking platform, is utilized by 550,000 users at 40,000 companies globally to manage payments, deposits, loans, and trade finance transactions. The CashPro App is a key component of this platform and is currently ranked as the top 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,” 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 from anywhere and at any time of day. The ability to do so has been life-changing for our clients.”
Corporate payments on the CashPro platform can be initiated through four channels: Online, App, API (application program interface), and Connect (file-based). These payments may require additional levels of approval before being released for added security.
The pandemic has accelerated the necessity for mobile banking among businesses. Before COVID-19, mobile banking was seen as a convenience; during the pandemic, it became essential for business continuity. Now it is part of everyday operations.
One indicator of this increased adoption is the number of days when corporate payment approvals via the app exceed $1 billion. This milestone was rare a few years ago but now occurs almost daily. There have been more than 100 business days where approvals exceeded $3 billion via the app. The largest single-day approval reached over $11 billion in December 2023; in June 2024, it was nearly $8 billion.
Corporate clients frequently process large single payments exceeding $500 million using the CashPro App. Payment values have risen significantly among various client segments: up 46% year-over-year among Global Corporate Banking clients and up 17% among Small Business clients.
Bank of America involves its clients actively in designing CashPro’s four channels through advisory boards that prioritize functionality enhancements based on user feedback.
“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,” said Flavia Salvaterra, director of treasury at Kroll.
In both 2023 and 2024, Coalition Greenwich's annual Digital Transformation Benchmarking Study ranked the CashPro App as the top mobile application.
“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 serves individual consumers, small businesses, middle-market businesses, and large corporations with comprehensive financial services worldwide. It operates approximately 3,800 retail financial centers in the U.S., supports around 69 million consumer and small business clients with about 15,000 ATMs (automated teller machines), and boasts around 58 million verified digital users.
For media inquiries:
Louise Hennessy
Phone: 1-646-858-6471
Email: louise.hennessy@bofa.com
###