Bank of America is integrating the Apple Watch into its corporate treasury platform, CashPro, to tokenize the wearable technology.
In an announcement on Tuesday (May 14), Bank of America said it is connecting the Apple Watch to its CashPro mobile app, enabling corporate users to obtain a one-time security token directly from their Apple Watch, negating the need for them to carry a physical token to log into the CashPro platform. Users must install the CashPro app on their Apple Watch to take advantage of the feature.
“Many people still carry their physical token on a key chain along with other banking tokens, which are bulky,” said Tom Durkin, Bank of America Merrill Lynch head of GTC channels in global transaction banking services, in a statement. “Now, executives will no longer have to worry about forgetting to take their physical token when they are on the go, traveling for work or vacation. They’ll have everything they need on their iPhone and Apple Watch.”
In another statement, Julie Harris, the bank’s head of global banking digital strategy, said the institution continues to focus on digitization. “Mobility and everything it represents – convenience of doing banking anywhere, anytime – is a critical priority for our clients, and that means it’s a critical priority for us,” she said. “With the CashPro app now available on Apple Watch, we’re pleased to continue our innovative improvements on how and when clients can access tokens.”
The bank said the integration of Apple Watch into its CashPro platform is the latest in a series of technological upgrades for the treasury management app, which enables corporate and business users to manage cash flow, initiate payments and access foreign exchange and credit solutions. After launching digital token technology in the form of a separate mobile app, last year Bank of America integrated that token app into the CashPro app, streamlining the process through which users obtain a one-time password.
The financial institution also pointed to recent enhancements by integrating biometric technology and upgrading CashPro’s user interface.