This milestone is happening as corporate clients seek out “real-time insights and operational efficiency in treasury management,” the banking giant said in a news release Monday (Oct. 27).
As the release noted, the CashPro banking platform is used by companies to manage and monitor payments, deposits, loans and trade transactions. Usage has risen 21% year over year, with almost 70% of the bank’s corporate clients employing the tool to access account information for transaction tracking and service resolution.
In addition, CashPro Search, which debuted in February 2023, has surpassed 18 million searches, including nearly 2.4 million searches in the third quarter of this year, marking a quarterly record.
“Clients expect instant access to information — without the delays of email or phone calls,” said Abbey Novack, CashPro Service Product executive in Global Payments Solutions at Bank of America. “Our self-service and AI-powered tools deliver that immediacy, helping clients make faster, smarter decisions.”
The release added that Bank of America is expanding CashPro’s capabilities to meet changing customer needs. Planned enhancements include support for credit inquiries through CashPro Chat and streamlined workflows for routine treasury tasks.
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PYMNTS spoke last month with Tom Durkin, global head of product for CashPro in Global Payment Solutions at Bank of America, after the bank debuted its latest CashPro App enhancement, Capital Markets Insights.
By integrating artificial intelligence (AI) tools into its digital banking platform, the bank is extending its reach from treasury operations deeper into the capital markets decisions that uphold corporate finance strategy, that report said. Durkin said the bank has been focused on working backward from client pain points.
“There’s a lot that the finance organization holistically has to understand,” he told PYMNTS on the day of the launch. “They look for … more insights and recommendations … but they’re also looking for that in a secure place. Security’s very top of mind for CFO and treasurers.”
He also noted another milestone for the bank’s platform.
“We were delivering capabilities for payment approval,” Durkin said. “We hit $1 trillion on the app last year … so the usage of the app in the treasurer’s life has significantly increased.”
