BofA’s CashPro App Milestone Spotlights Treasury’s Digital Evolution

The days of chief financial officers and treasury teams being tethered to desktops or waiting for approvals via email are over.

By the end of 2024, Bank of America’s corporate clients will have made over $1 trillion in payment approvals on the bank’s CashPro App, the financial giant said Tuesday (Dec. 10). The announcement shows that businesses are embracing digital solutions that keep their finances secure, streamlined and at their fingertips — literally.

“Clients say they start their day and end their day with CashPro,” Jennifer Sanctis, head of the CashPro App and personalized technologies in Global Payments Solutions at Bank of America, told PYMNTS. “The mobile app has become an instrumental part of their workflow.”

The scale of transactions handled by CashPro has grown in tandem with its user base, she said, highlighting the more than 25% year-over-year increase in payments approved.

Bank of America began tracking billion-dollar days — where payment approvals through the app exceed $1 billion in value — in 2020. Four years later, multibillion-dollar days have become routine, with an average daily volume of $4 billion. Sanctis said there was a peak day of $11 billion in approvals, underscoring the app’s reliability for high-stakes operations such as mergers and acquisitions.

“Clients rely on the app for everything from routine weekly payroll to sensitive, high-dollar transactions,” she said. “The payment approval process through CashPro supplements and enhances the internal payment approval process our clients already have in place when it comes to payments originated and payments going out the door of their companies.”

But why the sudden obsession with mobile treasury management and growth in volumes? It’s the simplicity.

The Future of Treasury Management Is Mobile and Client-Centric

Digital treasury solutions offer an effective mix of convenience, control and security. Businesses can now approve transactions, monitor cash flow and even predict future financial trends — all while sipping their morning coffee or traveling to the next meeting.

“Treasurers want more convenience and access at their fingertips,” Sanctis said. “Regardless of what our clients are needing to do, the app approval experience has been instrumental in giving them that extra peace of mind.”

The CashPro App’s ascent was accelerated during the pandemic, as businesses transitioned to remote work and sought mobile alternatives to office-bound processes. Sanctis recalled how clients relied on CashPro for payment approvals after leaving physical security tokens at their offices, marking a shift in mobile adoption that has only gained strength since.

“We were curious if usage would drop off once offices reopened, but it hasn’t lost a step,” she said. “If anything, clients just want to continue to do more.”

One of the defining aspects of CashPro’s journey has been its client-centric approach.

“We’re always keeping our finger on the pulse of technological advancements and how they can be applied to meet our clients’ needs,” Sanctis said. “We work closely with clients — through direct feedback channels and our CashPro Client Board — to refine and expand our offerings.”

The feedback from users has been positive, with many praising the app’s ability to simplify complex processes while maintaining security and efficiency, she said.

Riding the Innovation Wave Powering Treasury’s Ongoing Evolution

The success of CashPro is not merely a reflection of past achievements but a springboard for future innovation. Sanctis outlined a roadmap that emphasizes security, data intelligence and personalized experiences. Features like biometric authentication, fraud detection and real-time push notifications are already favorites among users, but the team is doubling down on delivering predictive and proactive capabilities.

While the mobile app is gaining traction, Sanctis said the multichannel CashPro platform is accessible through online, app, APIs and file-based interfaces. This integrated approach allows clients to manage their treasury operations across various channels.

Looking ahead to 2025, the app’s evolution will likely include advancements in artificial intelligence, predictive analytics and integrations with emerging technologies. Bank of America remains committed to staying at the forefront of industry trends, ensuring that CashPro continues to differentiate itself in mobile treasury solutions, she said.

“We know the app is a differentiator for us at Bank of America, and we are going to continue that momentum of investment and accelerate as we go into 2025,” Sanctis said. “It’s all about personalized, proactive and predictive experiences.”

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