BofA's CashPro® App Surpasses $500 Billion in Payment Approvals
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.
L'app CashPro di Bank of America ha raggiunto un traguardo significativo, superando 500 miliardi di dollari in approvazioni di pagamenti aziendali entro metà del 2024, con un aumento di quasi 40% rispetto all'anno precedente. L'app è in procinto di raggiungere 1 trilione di dollari in approvazioni entro la fine dell'anno. CashPro, la piattaforma bancaria digitale di BofA, serve 550.000 utenti di 40.000 aziende in tutto il mondo. L'adozione dell'app è accelerata, con oltre 100 giorni lavorativi che hanno superato i 3 miliardi di dollari in approvazioni di pagamento quotidiane. L'approvazione singola più grande ha raggiunto 11 miliardi di dollari a dicembre 2023. L'app CashPro è stata classificata n. 1 nello studio di benchmarking sulla trasformazione digitale di Coalition Greenwich per il 2023 e il 2024, evidenziando il suo design innovativo e l'approccio orientato al cliente.
La aplicación CashPro de Bank of America ha alcanzado un hito significativo, superando los 500 mil millones de dólares en aprobaciones de pagos corporativos a mediados de 2024, un aumento de casi 40% respecto al año anterior. La aplicación va en camino de alcanzar 1 billón de dólares en aprobaciones para fin de año. CashPro, la plataforma bancaria digital de BofA, atiende a 550,000 usuarios en 40,000 empresas a nivel mundial. La adopción de la aplicación se ha acelerado, con más de 100 días hábiles superando los 3 mil millones de dólares en aprobaciones de pago diarias. La mayor aprobación en un solo día alcanzó los 11 mil millones de dólares en diciembre de 2023. La aplicación CashPro ha sido clasificada como número 1 en el estudio de referencia de transformación digital de Coalition Greenwich para 2023 y 2024, destacando su diseño innovador y su enfoque centrado en el cliente.
뱅크 오브 아메리카의 캐시프로 앱이 2024년 중반까지 기업 결제 승인에서 5000억 달러를 초과하며 중요한 이정표를 달성했습니다. 이는 전년 대비 거의 40% 증가한 수치입니다. 이 앱은 연말까지 1조 달러 승인에 도달할 것으로 예상됩니다. 캐시프로는 BofA의 디지털 뱅킹 플랫폼으로, 전 세계 40,000개 기업에 550,000명 사용자를 제공합니다. 앱의 채택 속도가 빨라졌으며, 100일 이상의 업무일에 일일 결제 승인이 30억 달러를 초과했습니다. 2023년 12월에는 하루 최대 승인액이 110억 달러에 달했습니다. 캐시프로 앱은 2023년과 2024년 동안 Coalition Greenwich의 디지털 전환 벤치마킹 연구에서 1위로 평가되었으며, 혁신적인 디자인과 고객 중심의 접근 방식을 강조합니다.
L'application CashPro de Bank of America a atteint un jalon significatif, dépassant 500 milliards de dollars d'approbations de paiements d'entreprise d'ici mi-2024, ce qui représente une augmentation de près de 40% par rapport à l'année précédente. L'application est en bonne voie d'atteindre 1 trillion de dollars d'approbations d'ici la fin de l'année. CashPro, la plateforme bancaire numérique de BofA, sert 550 000 utilisateurs dans 40 000 entreprises à travers le monde. L'adoption de l'application a accéléré, avec plus de 100 jours ouvrés dépassant 3 milliards de dollars en approbations de paiement quotidiennes. L'approbation en une seule journée la plus importante a atteint 11 milliards de dollars en décembre 2023. L'application CashPro a été classée n° 1 dans l'étude de référence de transformation numérique de Coalition Greenwich pour 2023 et 2024, mettant en avant son design innovant et son approche centrée sur le client.
Die CashPro App von Bank of America hat einen bedeutenden Meilenstein erreicht und über 500 Milliarden Dollar an Unternehmenszahlungsfreigaben bis Mitte 2024 überschritten, was einem Anstieg von fast 40% im Vergleich zum Vorjahr entspricht. Die App ist auf dem besten Weg, bis Ende des Jahres 1 Billion Dollar an Genehmigungen zu erreichen. CashPro, die digitale Banking-Plattform von BofA, bedient 550.000 Nutzer in 40.000 Unternehmen weltweit. Die Nutzung der App hat sich beschleunigt, mit über 100 Geschäftstagen, an denen die täglichen Zahlungsfreigaben 3 Milliarden Dollar überstiegen. Die größte Genehmigung an einem einzigen Tag erreichte im Dezember 2023 11 Milliarden Dollar. Die CashPro App wurde im Digital Transformation Benchmarking Study von Coalition Greenwich für 2023 und 2024 mit Platz 1 ausgezeichnet, was ihr innovatives Design und den klientenorientierten Ansatz hervorhebt.
- 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
- None.
Bank of America's CashPro App hitting the
The app's trajectory towards
From an investor's perspective, this trend signals BofA's strong position in the lucrative corporate banking sector. The bank's ability to facilitate large-scale, mobile-based transactions (
However, investors should consider the cybersecurity implications of this rapid growth. As more high-value transactions move to mobile platforms, the potential impact of security breaches increases. BofA's continued investment in robust security measures will be important to maintaining client trust and market leadership.
In conclusion, the CashPro App's performance suggests BofA is well-positioned to capitalize on the digital transformation in corporate banking, potentially driving long-term value for shareholders.
The meteoric rise of Bank of America's CashPro App is reshaping the corporate banking landscape. With
This trend isn't just about convenience; it's a fundamental change in corporate financial management. The app's ability to handle transactions exceeding
For investors, this signals BofA's strong competitive position in the lucrative corporate banking sector. The bank's ability to meet the evolving needs of its 40,000 corporate clients could lead to increased market share and customer loyalty. Moreover, the efficiency gains from digital approvals could potentially improve BofA's cost-to-income ratio in its corporate banking division.
However, it's important to consider the implications of this rapid digital shift. As more critical financial operations move to mobile platforms, banks must invest heavily in cybersecurity and system reliability. Any major outages or security breaches could have significant reputational and financial consequences.
In sum, while the CashPro App's success is undoubtedly positive for BofA, investors should keep a close eye on the bank's ongoing investments in technology infrastructure and security to ensure it can sustainably support this growth trajectory.
App on Track to Reach
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
- There have been more than 100 business days that have exceeded
in payment approvals via the CashPro App.$3 billion - The largest single-day of payment approvals via the app exceeded
, which occurred in December 2023. So far in 2024, the largest single-day was nearly$11 billion , which occurred in June.$8 billion - Individual corporate clients now routinely process large single payments of greater than
via the CashPro App.$500 million - 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 up17% 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
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
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SOURCE Bank of America Corporation
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