BofA Adds ACH Positive Pay On The CashPro® App, Giving Clients Greater Control And Peace Of Mind

Rhea-AI Summary

Bank of America has launched ACH Positive Pay on its CashPro App, enhancing mobile management of treasury operations for business clients. This feature allows clients to approve or reject incoming ACH transactions in real-time, improving control and reducing risk. The launch coincides with Nacha's increase in Same Day ACH limits to $1 million per transaction. In the previous year, payments approved through CashPro doubled to $384 billion, indicating growing client trust in the app for cash management.

Positive

• Launch of ACH Positive Pay enhances mobile transaction management for clients.
• Growing client trust in CashPro App, with $384 billion in payments approved in the last year.
• Real-time decision-making capabilities for clients reduces risk associated with ACH transactions.

Negative

• None.

NEW YORK, March 10, 2022 /PRNewswire/ -- Bank of America's business clients are increasingly utilizing mobile devices to manage payments and treasury operations, and in support of this trend, the bank today announced the launch of ACH Positive Pay on its award-winning CashPro App.

ACH Positive Pay, which is already available to business clients on the bank's online version of CashPro, lets clients review and either approve or reject incoming transaction requests ("exceptions") processed through the U.S. Automated Clearing House, or ACH. Now, clients can perform the same tasks via their mobile device, on which they'll receive notifications of exceptions and be able to make real-time decisions to pay or return these transactions, regardless of their location.

"Without the proper controls in place, clients are open to significant risk when sizable ACH debits on their accounts can occur late in the day," said David Kretz, head of Global Payments and GTS Strategy in Global Transaction Services at Bank of America. "With mobile access to ACH Positive Pay, clients can make time-sensitive decisions from any location and reduce their concerns about missing return deadlines."

The new capability coincides with Nacha's changes to Same Day ACH limits, scheduled for this month, that will allow the value of same-day debits and credits up to $1 million per transaction. Previously, the limit was $100,000. 

Last year, payments approved on the CashPro App doubled to $384 billion. "It's clear that our clients increasingly trust the app to conduct every-day and critical cash management operations," said Tom Durkin, Global Product Head of CashPro in Global Transaction Services at Bank of America. "With ACH Positive Pay, the app now has more ways that clients can make real-time decisions, which for ACH, will carry greater significance when Same Day ACH limits are increased."

ACH Positive Pay on the CashPro App is the latest development by the bank to expand fraud prevention tools for payments. Last year, the bank launched Account Validation. Read more about the bank's ACH Payments capabilities.

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 67 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with more than 54 million verified digital 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

"Bank of America" is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2022 Bank of America Corporation. All rights reserved.

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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 is ACH Positive Pay and how does it benefit BAC clients?

ACH Positive Pay allows Bank of America clients to manage ACH transactions on-the-go, approving or rejecting requests in real-time, reducing risk.

When did Bank of America launch ACH Positive Pay on CashPro?

Bank of America launched ACH Positive Pay on March 10, 2022.

What are the new Same Day ACH limits introduced by Nacha?

Nacha's changes allow Same Day ACH debits and credits up to $1 million per transaction.

How much have payments on the CashPro App increased?

Payments approved on the CashPro App doubled to $384 billion last year.

What is the significance of the ACH Positive Pay feature for BAC?

The ACH Positive Pay feature enhances fraud prevention and client control over treasury operations, aligning with increased ACH limits.