BofA's CashPro® App Surpasses $500 Billion in Payment Approvals

Rhea-AI Summary

Bank of America's CashPro App has achieved a significant milestone, surpassing $500 billion in corporate payment approvals by mid-2024, a nearly 40% increase from the previous year. The app is on track to reach $1 trillion in approvals by year-end. CashPro, BofA's digital banking platform, serves 550,000 users at 40,000 companies globally. The app's adoption has accelerated, with over 100 business days exceeding $3 billion in daily payment approvals. The largest single-day approval reached $11 billion in December 2023. The CashPro App has been ranked No. 1 in Coalition Greenwich's Digital Transformation Benchmarking Study for 2023 and 2024, highlighting its innovative design and client-focused approach.

Positive

• CashPro App surpassed $500 billion in payment approvals, up 40% year-over-year
• On track to reach $1 trillion in payment approvals by end of 2024
• CashPro platform serves 550,000 users at 40,000 companies globally
• Over 100 business days exceeded $3 billion in daily payment approvals
• Ranked No. 1 mobile app for corporate and commercial banking by Coalition Greenwich in 2023 and 2024
• Payment value up 46% among Global Corporate Banking clients and 17% among Small Business clients

Negative

• None.

App on Track to Reach $1 Trillion by Year End

NEW YORK, July 25, 2024 /PRNewswire/ -- Bank of America has seen the adoption and use of its CashPro App for corporate payment approvals accelerate significantly over the last couple of years. Corporate payment approvals completed via the CashPro App surpassed a record $500 billion as of the middle of this year – up nearly 40% compared to the middle of last year – and are on pace to reach a trillion dollars by the end of 2024.

CashPro is Bank of America's digital banking platform accessed by 550,000 users at 40,000 companies around the world to manage and monitor their payments, deposits, loans, and trade finance transactions. The CashPro App is integral to this platform, and the No. 1 ranked mobile app for corporate and commercial banking.

"This volume of payment approvals via our CashPro App reflects a shift in client behavior and digital banking expectations over the last few years," explained 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."

Corporate payments can be initiated across any of the four channels of the CashPro platform, being Online, App, API (application program interface) and Connect (file-based). For added security, these payments may require additional levels of approval prior to being released.

Billion-Dollar Days
Prior to the pandemic, mobile banking for businesses was a nice-to-have convenience. During the pandemic, it became a necessity for business continuity, and is now an everyday experience.

One measure of the massive adoption of the CashPro App is the number of days when the volume of corporate payment approvals completed via the app exceeds USD $1 billion. A few years ago, this was a rare event. Today, that value is exceeded almost daily, with USD $3 billion becoming an increasingly common occurrence:

• There have been more than 100 business days that have exceeded $3 billion in payment approvals via the CashPro App.
• The largest single-day of payment approvals via the app exceeded $11 billion, which occurred in December 2023. So far in 2024, the largest single-day was nearly $8 billion, which occurred in June.
• Individual corporate clients now routinely process large single payments of greater than $500 million via the CashPro App.
• Corporate, commercial, and business banking clients of all sizes are increasingly leveraging the app, with year-over-year payment value up 46% among Global Corporate Banking clients, and up 17% among Small Business clients, for example.

Designed with clients in mind
Bank of America clients play an active role in the design of CashPro's four channels. They help prioritize various functionality and enhancements and take part in design sessions through CashPro Advisory Boards.

One advisory board member, Flavia Salvaterra, director of treasury at Kroll, said: "I've used the CashPro App everywhere – from meetings to airport lounges. Having the mobile app means that you're no longer restricted to your desktop to approve payments. It makes life a lot easier." 

No. 1 Ranking by Coalition Greenwich
In 2023 and 2024, the CashPro App received the top mobile ranking in Coalition Greenwich's annual Digital Transformation Benchmarking Study.

"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.

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 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 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 4 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 more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

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.

Reporters may contact:

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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/bofas-cashpro-app-surpasses-500-billion-in-payment-approvals-302206537.html

SOURCE Bank of America Corporation

FAQ

What milestone did Bank of America's CashPro App reach in 2024?

Bank of America's CashPro App surpassed $500 billion in corporate payment approvals by mid-2024, a 40% increase from the previous year.

How many users and companies does Bank of America's CashPro platform serve?

Bank of America's CashPro platform serves 550,000 users at 40,000 companies around the world.

What is the projected payment approval volume for Bank of America's CashPro App by the end of 2024?

Bank of America's CashPro App is projected to reach $1 trillion in payment approvals by the end of 2024.

What was the largest single-day payment approval volume for Bank of America's CashPro App?

The largest single-day payment approval volume for Bank of America's CashPro App exceeded $11 billion, occurring in December 2023.

How has Bank of America's CashPro App been ranked in recent years?

Bank of America's CashPro App has been ranked No. 1 in Coalition Greenwich's Digital Transformation Benchmarking Study for both 2023 and 2024.