BofA Sees 51% Increase in Companies Leveraging APIs For Real-Time Treasury Needs
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.
Banca d'America riporta un aumento del 51% dei clienti aziendali che adottano le Interfacce di Programmazione delle Applicazioni (API) per le esigenze di tesoreria in tempo reale negli ultimi 12 mesi. Questa crescita è alimentata da innovazioni che semplificano l'onboarding e accelerano la velocità delle transazioni. Le API sono disponibili tramite CashPro, la piattaforma di banking digitale di Bank of America utilizzata da 40.000 aziende. Una rete di 55 sistemi di gestione della tesoreria (TMS) e fornitori di pianificazione delle risorse aziendali (ERP) che ospitano le API di CashPro ha alimentato l'adozione, con il 78% dei clienti che utilizzano le API tramite i partecipanti alla rete.
Lo CashPro Developer Studio ha trasformato l'esperienza di onboarding delle API, consentendo ai clienti di andare live con la reportistica del giorno attuale e precedente su tutti i conti entro una settimana. Le API vengono utilizzate a livello globale per varie transazioni di pagamento, tra cui pagamenti per assistenza d'emergenza, rimborsi sanitari e pagamenti automatizzati ai conducenti.
Bank of America informa sobre un incremento del 51% en la adopción de Interfaces de Programación de Aplicaciones (API) por parte de clientes empresariales para necesidades de tesorería en tiempo real en los últimos 12 meses. Este crecimiento es impulsado por innovaciones que simplifican el proceso de incorporación y aceleran la velocidad de las transacciones. Las API están disponibles a través de CashPro, la plataforma de banca digital de Bank of America utilizada por 40,000 empresas. Una red de 55 sistemas de gestión de tesorería (TMS) y proveedores de planificación de recursos empresariales (ERP) que alojan las APIs de CashPro ha impulsado la adopción, con el 78% de los clientes utilizando APIs a través de participantes de la red.
El CashPro Developer Studio ha transformado la experiencia de incorporación de API, permitiendo a los clientes activarse con informes del día actual y del día anterior en todas las cuentas en una semana. Las APIs se están utilizando a nivel mundial para diversas transacciones de pago, incluyendo pagos de ayuda de emergencia, reembolsos de salud y pagos automatizados a conductores.
뱅크 오브 아메리카는 지난 12개월 동안 실시간 재무 필요를 위해 응용 프로그램 프로그래밍 인터페이스(API)를 채택한 비즈니스 고객이 51% 증가했다고 보고했습니다. 이 성장은 온보딩을 간소화하고 거래 속도를 가속화하는 혁신에 의해 촉진되었습니다. API는 40,000개 기업이 사용하는 뱅크 오브 아메리카의 디지털 뱅킹 플랫폼CashPro를 통해 이용 가능합니다. CashPro API를 호스팅하는 55개의 재무 관리 시스템(TMS) 및 기업 자원 계획(ERP) 제공업체 네트워크가 채택을 촉진하였으며, 고객의 78%가 네트워크 참가자를 통해 API를 사용하고 있습니다.
CashPro Developer Studio는 API 온보딩 경험을 혁신하여 고객이 모든 계좌에 대해 현재 및 이전 날 보고서를 일주일 안에 실시간으로 이용할 수 있게 하였습니다. API는 긴급 구호 지불, 의료 환급 및 운전사에게 자동 결제하는 등 다양한 결제 거래를 위해 세계적으로 사용되고 있습니다.
Bank of America fait état d'une augmentation de 51% des clients professionnels adoptant des Interfaces de Programmation d'Applications (API) pour des besoins de trésorerie en temps réel au cours des 12 derniers mois. Cette croissance est tirée par des innovations simplifiant l'intégration et accélérant la vitesse des transactions. Les API sont disponibles via CashPro, la plateforme de banque numérique de Bank of America utilisée par 40 000 entreprises. Un réseau de 55 systèmes de gestion de trésorerie (TMS) et de planification des ressources d'entreprise (ERP) hébergeant des API CashPro a favorisé cette adoption, avec 78% des clients utilisant les API via des participants du réseau.
Le CashPro Developer Studio a transformé l'expérience d'intégration des API, permettant aux clients de se lancer avec des rapports du jour actuel et de la veille sur tous les comptes en une semaine. Les API sont utilisées à l'échelle mondiale pour diverses transactions de paiement, y compris les paiements d'urgence, les remboursements de santé et les paiements automatisés aux conducteurs.
Die Bank of America berichtet von einem 51%igen Anstieg der Geschäftskunden, die in den letzten 12 Monaten Anwendungsprogrammierschnittstellen (APIs) für Echtzeit-Treasury-Bedürfnisse nutzen. Dieses Wachstum wird durch Innovationen vorangetrieben, die Onboarding vereinfachen und die Transaktionsgeschwindigkeit beschleunigen. Die APIs sind über CashPro, die digitale Banking-Plattform von Bank of America, verfügbar, die von 40.000 Unternehmen genutzt wird. Ein Netzwerk von 55 Treasury-Management-Systemen (TMS) und Anbietern von Enterprise-Resource-Planning (ERP), die CashPro-APIs hosten, hat die Akzeptanz gefördert, wobei 78% der Kunden APIs über Netzwerkteilnehmer verwenden.
Das CashPro Developer Studio hat die API-Onboarding-Erfahrung revolutioniert und es den Kunden ermöglicht, innerhalb einer Woche mit Berichten des aktuellen und vorherigen Tages über alle Konten live zu gehen. APIs werden weltweit für verschiedene Zahlungstransaktionen eingesetzt, einschließlich Notfallhilfezahlungen, Gesundheitsrückerstattungen und automatisierte Zahlungen an Fahrer.
- 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
- None.
Insights
The 51% increase in Bank of America clients adopting APIs for real-time treasury needs is a significant trend in financial technology. This surge reflects the growing demand for instant data access and transaction processing in corporate treasury management. The expansion of the CashPro API network to 55 TMS and ERP providers is particularly noteworthy, as it has facilitated wider adoption, with 78% of API users accessing through these platforms.
The development of CashPro Developer Studio has streamlined API implementation, enabling even smaller companies to benefit from this technology. This democratization of API access could lead to increased efficiency across various business sizes and potentially disrupt traditional treasury management services.
The diverse use cases presented, from nonprofit emergency payments to automated driver payments, demonstrate the versatility and potential of API integration in various sectors. This broad applicability suggests a long-term shift towards API-driven treasury solutions, which could impact Bank of America's service offerings and potentially its revenue streams from treasury management services.
The rapid adoption of APIs for real-time treasury needs signifies a major shift in corporate financial management. This trend addresses the critical need for CFOs to have immediate access to cash positions and exposure data, enhancing decision-making capabilities and financial control. The ability to go live with current and previous day reporting across all accounts within a week is a game-changer for treasury operations.
The integration of APIs with 55 TMS and ERP systems is particularly impactful, as it allows for seamless incorporation into existing financial infrastructures. This interoperability can significantly reduce manual processes, minimize errors and improve overall treasury efficiency. For Bank of America, this positions them as a leader in treasury innovation, potentially attracting more corporate clients and strengthening relationships with existing ones.
The global reach of these API solutions, evidenced by use cases in Brazil and Europe, also highlights Bank of America's competitive advantage in facilitating international treasury operations. This could be especially valuable for multinational corporations looking to streamline their global financial processes.
Growth Surge Driven by CashPro® API Network and CashPro Developer Studio
"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,
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
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
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