Banking

BoA Corporate Client Completed $1.6B Mobile Payment

Bank of America offers its corporate clients a unique perk. They can make payments in the billions of dollars on smartphones using the bank’s CashPro app, according to a report by Bloomberg.

One company completed a $1.6 billion payment, which was the biggest transaction ever made using the app. CashPro is targeted to corporate treasury departments and small to medium-sized businesses (SMBs). It has half a million users and saw $144 billion in payments for a year, through September.

That rate is about double from the previous year.

“You can do a payment on an Apple Watch through our CashPro system for 500 million bucks — I’m not sure I’m capable of doing that, they don’t let me have that kind of authority,” CEO Brian Moynihan quipped. “But the reality is, you can do it because people want to interface through their devices.”

Many banks around the world are spending generously to overhaul their digital offerings to let companies handle transactions using smartphones.

Bank of America is also developing a new cash-flow forecasting solution for its corporate customers in conjunction with a FinTech partner.

On Monday (Nov. 4), Bank of America said it is gearing up to bring its CashPro Forecasting IQ solution to market after a successful proof of concept, although the bank did not indicate with which FinTech it is collaborating.

The solution, designed for corporate treasurers, deploys machine learning technology to enhance the accuracy of cash-flow predictions, both for clients’ Bank of America accounts and their accounts with other financial institutions.

“In today’s world, companies must rely on manual, repetitive work to forecast their cash needs, which oftentimes leads to stale and inaccurate results,” said Jo Miyake, Bank of America head of Cross Product Solutions and Commercialization for Global Transaction Services. “Further compounding the situation, companies may need to make strategic decisions based off of that old or erroneous data, or otherwise put off the decisions and miss critical opportunities.”

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