Bank of America Expands Its CashPro® Payment API Capability to Over 350 Payment Types

Rhea-AI Summary

Bank of America has launched an enhanced CashPro Payment API, allowing over 350 payment types and bundled payments, improving operational efficiency and data access. The API provides 24/7 processing, with 20% of transactions occurring on weekends. This upgrade aligns with the bank's digital strategy, enabling clients to manage payments across 38 global markets and supporting various real-time payment solutions. The CashPro APIs facilitate integration with major platforms, enhancing client efficiency in payments and financial services.

Positive

• Launch of enhanced CashPro Payment API expands payment options to over 350 types.
• Supports 24/7 processing, improving transaction flexibility.
• Increased operational efficiency by reducing payment backlog with bundled payments.
• Real-time data availability helps clients enhance business competitiveness.

Negative

• None.

Enhanced API Also Supports Bundled Payments

NEW YORK, Oct. 11, 2022 /PRNewswire/ -- Bank of America today announced the launch of an expanded CashPro Payment API through which clients can access more than 350 payment types and bundle payments. The development comes as Application Programming Interfaces (APIs) continue to transform business-to-business (B2B) and business-to-consumer (B2C) transactions given the ability of APIs to provide real-time data, reduce costs and improve operational efficiencies.

"A significant feature of APIs is their ability to support 24/7 processing. We're seeing that play out with our Payment API where 20% of the volume is being processed during the weekend. The enhanced API will give clients even more options to process payments in multiple jurisdictions and countries at any time of the day," said Tom Durkin, global product head for CashPro Platform in Global Transaction Services (GTS) at Bank of America. "The development is part of our multi-year digital strategy to make business easier and more secure."

The breadth of capabilities of the enhanced CashPro Payment API spans:

• More than 350 payment types in 38 markets globally
• 7 real-time payments schemes and services such as Zelle in the U.S. and Pix in Brazil
• Domestic and cross-border wires
• Domestic ACH
• Local payment instruments such as Brazil Boletos
• Ability to execute payments in bundles, helping clients avoid or reduce backlogs in payment queues

"Through our single payment API, clients can disburse payments to hundreds of countries and get real-time data and information, helping to increase their business efficiency and competitive edge," said Stephanie Wolf, head of Global Financial Institutions, Governments, Business Banking Sales, and Risk in GTS at Bank of America. Citing an example of insurance claims, Wolf said, "Our API can be a bridge between an insurer's system and the policyholder, disbursing funds digitally, and instantly provide access to funds following a claim, without the need to use checks."

Bank of America's suite of CashPro APIs includes more than a hundred APIs supporting payments and treasury operations. Clients can connect to them through the CashPro API Developer sandbox, which is designed to accelerate onboarding. Clients can also access the APIs through one of the more than 28 Treasury Management System (TMS) and Enterprise Resource Planning (ERP) platforms that are integrated into Bank of America's platform. 

Bank of America
Bank of America 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. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

www.bankofamerica.com

Reporters May Contact:
Louise Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com

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SOURCE Bank of America Corporation

FAQ

What new features does the CashPro Payment API offer?

The CashPro Payment API now supports over 350 payment types and allows bundled payments, enhancing transaction flexibility.

What percentage of transactions occur on weekends with the new API?

20% of the transaction volume is processed during the weekend.

How many markets does the enhanced CashPro Payment API serve?

The enhanced API serves clients in 38 markets globally.

What is the significance of real-time payments in the new API?

Real-time payments enhance operational efficiency and allow clients to manage transactions instantly across multiple jurisdictions.

What digital strategy is Bank of America pursuing with the CashPro API?

The enhanced API is part of Bank of America's multi-year digital strategy aimed at making business easier and more secure.