Bank of America has officially confirmed the news of its CashPro App suppressing a record $500 billion in payment approvals, marking a 40% increase from last year. Poised to reach a trillion dollars by the end of 2024, CashPro App is Bank of America’s digital banking platform accessed by well over 550,000 users at 40,000 companies around the world to manage and monitor their payments, deposits, loans, and trade finance transactions. Markedly enough, corporate payments on the platform can be initiated across any of the four channels of the CashPro platform, with the channels being Online, App, API (application program interface) and Connect (file-based). As a way of conceiving optimal security, these payments may also require various levels of approval prior to being released. Talk about the CashPro App’s track record thus far on a slightly deeper level, it includes the fact that there have been more than 100 business days on which payment approvals have exceeded $3 billion within the CashPro App ecosystem. In fact, the largest single-day of payment approvals via the app exceeded $11 billion, which occurred in December 2023. So far, if we talk about just the year 2024, CashPro’s largest single-day payment approval amount was nearly $8 billion, a feat which seemingly occurred in June. Another detail worth a mention here is rooted in the way individual corporate clients now routinely process large single payments of greater than $500 million via the CashPro App. Joining the same is an assortment of corporate, commercial, and business banking clients of all sizes who are now increasingly leveraging the app, with year-over-year payment value up by 46% among Global Corporate Banking clients. On the other hand, there is also 17% worth of an uptick among Small Business clients.
The milestone of $500 billion in payment approvals also delivers a rather interesting follow-up to CashPro winning the top mobile ranking in Coalition Greenwich’s annual Digital Transformation Benchmarking Study for the year 2023, as well as for 2024.
“This volume of payment approvals via our CashPro App reflects a shift in client behavior and digital banking expectations over the last few years,” said Jennifer Sanctis, head of CashPro App at Bank of America. “The app’s innovative design offers a convenient and secure client experience through which users can approve and validate payments and monitor account activity from anywhere and at any time of day. The ability to do so has been life-changing for our clients.”
To tell you a little bit regarding Bank of America itself, it is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. At present, the organization is serving approximately 69 million consumer and small business clients through an estimated 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines), and an award-winning digital banking infrastructure which has around 58 million verified digital users. Apart from that, Bofa is also known for offering industry-leading support to approximately 4 million small business households using a suite of innovative, easy-to-use online products and services, doing so in more than 35 countries across the world.
“The CashPro team at Bank of America has been extraordinary at providing a sophisticated platform for its clients, not least being its mobile app. The company’s ongoing investment and commitment to providing the best client experience is what keeps them at the top of our rankings year after year,” said Chris McDonnell, head of Community, Commercial and Digital Banking at Coalition Greenwich.
