Bank of America has officially announced the launch of a powerful transaction search engine with integrated investigation capabilities on CashPro. In case you weren’t aware, CashPro is a specialized banking platform used by over 40,000 companies around the world to manage and monitor their payments, deposits, loans, and trade finance transactions. Now, moving on to how the development in question will make things better moving forward, the all-new CashPro Search functionality is basically going to let users launch an inquiry into a transaction, a common task in banking, to validate the status or details of a payment. Markedly enough, this can very well include domestic or international wires, Automated Clearing House (ACH) Payments, Real-Time Payments, and even incoming FX credit transactions or loan proceeds. Anyway, after capturing relevant data from the transaction inquiry, CashPro Search will automatically route the same to the service team. During the stated process and beyond, clients will have a facility to track the progress of resolution, get real-time status updates, as well as view correspondence from a beneficiary’s bank. Markedly enough, while that sounds promising, it only reaffirms CashPro’s stature as an industry-leading platform. You see, the solution already boasts numerous patents that all come together to create an award-winning platform capable of providing seamless user experience with broad, integrated functionality.
“CashPro Search is a major time saver for our clients who’ve used it 7 million times since it was initially deployed,” said Christian Stolcke, head of Financial Institutions, NBFIs and Governments in Global Payments Solutions (GPS) at Bank of America. “Within seconds, the tool searches across multiple accounts and applications to find a business transaction.”
More on CashPro’s existing capabilities bring us to its chat solution, which it delivers with the help of an AI assistant named Erica. Erica’s excellence in what it does can be understood once you consider that, since it was launched back in September 2023, more than 40% of CashPro clients have engaged with the virtual assistant to quickly view transactions, find information about their accounts, and navigate wider CashPro functionality. Another detail worth a mention regarding CashPro is rooted in its CashPro Insights service. Understood to be a part of the solution’s dedicated Data Intelligence suite, this service bears the responsibility to analyze a company’s information flowing through the platform so to create insights on how the user can improve their operations and processes. An example of the same would be a set of insights available on security that can come in handy to measure the underlying robustness of a user’s security controls.
Hold on, we are not yet, considering we still haven’t touched on CashPro supply chain solutions. These solutions, on their part, bring forth the benefits of digitization, improved process efficiency, and working capital optimization to scale up supply chain operations by an important margin. An example for this one includes the Open Account Automation module, which was launched back in September 2023 as the first ever module of CashPro Supply Chain Solutions. From a practical standpoint, Open Account Automation can help you when the agenda is to facilitate something like invoice approval, payments, and more.
Coming back to CashPro Search, Abbey Novack, CashPro Product Executive in GPS at Bank of America, commented on it by saying:
“Win-win may be an overused phrase but it’s the perfect way to describe the benefits of CashPro Search with Investigations. We’ve significantly streamlined service requests, so that rather than picking up the phone or having to send an email, a client can directly initiate and track their request within CashPro.”
