By the end of 2024, Bank of America's corporate clients are expected to approve over $1 trillion in payments using the CashPro App. This marks a more than 25% increase from the previous year, highlighting increased client reliance on the app for its security and convenience.
Tom Durkin, Global Head of CashPro in Global Payments Solutions at Bank of America, stated, "The CashPro App plays an instrumental role in helping our clients manage their business, particularly when it comes to payments. Surpassing the trillion-dollar milestone illustrates the value clients gain from the convenience, control and transparency of payment approvals."
CashPro is a digital banking platform used by around 550,000 users across 40,000 companies globally. It allows businesses to manage payments, deposits, loans, and trade finance transactions. The app has been ranked as the top mobile app for corporate and commercial banking.
Lauren Hobbs from Sempra described her experience with CashPro: "The CashPro App is great. Whether I’m in between meetings or at my desk, it’s extremely powerful. I can quickly look at account balances and approve high dollar payments with confidence."
Clients can initiate payments through four channels: online, app, APIs, and Connect (file-based). Additional approval levels may be required for security before releasing these payments. December typically sees peak payment volumes due to year-end activities and holiday travel.
Jennifer Sanctis, head of CashPro App and Personalized Technologies in GPS at Bank of America said, "From studying the adoption of CashPro App features, we’ve watched client activity grow and change over time. Through ongoing investment and listening to client feedback, we’ll continue to provide innovative financial experiences to support their transforming needs in 2025 and beyond."
Bank of America serves a wide range of clients globally with comprehensive financial services. The company operates approximately 3,700 retail financial centers and 15,000 ATMs across the United States.
For further information:
Louise Hennessy
Phone: 1.646.858.6471
louise.hennessy@bofa.com