BofA Sees 51% Increase in Companies Leveraging APIs For Real-Time Treasury Needs

Rhea-AI Summary

Bank of America reports a 51% increase in business clients adopting Application Programming Interfaces (APIs) for real-time treasury needs over the past 12 months. This growth is driven by innovations simplifying onboarding and accelerating transaction speed. The APIs are available via CashPro, Bank of America's digital banking platform used by 40,000 companies. A network of 55 treasury management systems (TMS) and enterprise resource planning (ERP) providers hosting CashPro APIs has fueled adoption, with 78% of clients using APIs through network participants.

The CashPro Developer Studio has transformed the API onboarding experience, allowing clients to go live with current and previous day reporting across all accounts within one week. APIs are being used globally for various payment transactions, including emergency relief payments, healthcare reimbursements, and automated payments to drivers.

Positive

• 51% increase in business clients adopting APIs for real-time treasury needs
• CashPro digital banking platform accessed by 40,000 companies
• 78% of clients using CashPro APIs through network of 55 TMS and ERP providers
• CashPro Developer Studio enables clients to go live with reporting within one week
• Expanded use of APIs for various global payment transactions

Negative

• None.

Growth Surge Driven by CashPro® API Network and CashPro Developer Studio

NEW YORK and SINGAPORE and LONDON, Oct. 22, 2024 /PRNewswire/ -- The demand for real time data and transaction processing is driving a record number of Bank of America business clients to adopt Application Programming Interfaces (APIs). Over the last 12 months, Bank of America has seen a 51% increase¹ in clients using APIs, with growth driven by innovations that have simplified onboarding and accelerated speed to transact.

"CFOs face enormous pressure to know their exposure and cash position at any given time," said Tom Durkin, head of CashPro® in Global Payments Solutions (GPS) at Bank of America. "APIs play a strategic role in positioning companies to act on information quickly, in a fully automated and secure manner."

The APIs are available via CashPro, Bank of America's digital banking platform accessed by 40,000 companies. Additionally, many treasury management systems (TMS) and enterprise resource planning (ERP) providers also host CashPro APIs. This network of 55 TMS and ERPs has helped fuel the surge in API adoption. In fact, 78% of clients using CashPro APIs are doing so through one of the network participants.

Jennifer Jewett, Controller at Jetcraft Corporation, explains the impact of CashPro APIs on her organization: "As our company has grown globally, it's no longer practical to manually process and consolidate reports. I need to be able to respond to questions like 'what's my cash balance?' almost immediately. CashPro APIs is the ideal solution—it's brought automation to our treasury and increased efficiency for my team."

By making business easier, the CashPro Developer Studio is also driving growth by transforming and dramatically speeding up the API onboarding experience. For instance, within one week, clients can go live with current day reporting as well as previous day reporting across all their accounts.

"The turnkey experience we've created through the CashPro API network and the CashPro Developer Studio has been transformative," said Maureen Jarvis, head of Business Banking GPS at Bank of America. "Smaller companies are able to get the same strategic benefit of APIs as their larger peers."

Examples of how CashPro APIs are being used around the world for payment transactions include:

• Nonprofit organizations are sending emergency relief payments to people in need via Zelle, ACH, debit cards and digital wallets.
• Healthcare and insurance companies are leveraging APIs to replace checks with Zelle, ACH and RTP® transactions, expediting reimbursement payments and residential mortgage transactions.
• Companies operating in Brazil are using APIs to process 600,000 Boletos every month.
• A chain of convenience stores and truck stops has automated payments to their drivers, replacing paper checks with instant payments made via Zelle upon notice of delivery of goods.
• Companies in Europe are leveraging APIs for SEPA Instant Credit Transfers to make same day payments.

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 3,700 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

¹ Period measured: 10/01/2022 to 09/30/2023 versus 10/01/2023 to 09/30/2024

 

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SOURCE Bank of America Corporation

FAQ

What is the percentage increase in Bank of America (BAC) clients using APIs for treasury needs?

Bank of America reported a 51% increase in business clients adopting Application Programming Interfaces (APIs) for real-time treasury needs over the past 12 months.

How many companies access Bank of America's (BAC) CashPro digital banking platform?

CashPro, Bank of America's digital banking platform, is accessed by 40,000 companies.

What percentage of Bank of America (BAC) clients use CashPro APIs through network participants?

78% of clients using CashPro APIs are doing so through one of the network participants, which includes 55 treasury management systems (TMS) and enterprise resource planning (ERP) providers.

How quickly can clients go live with reporting using Bank of America's (BAC) CashPro Developer Studio?

Using the CashPro Developer Studio, clients can go live with current day reporting as well as previous day reporting across all their accounts within one week.