Bank of America’s CashPro App, a pivotal tool in corporate treasury operations, is poised to exceed $1 trillion in payment approvals by the close of 2024.
CashPro App to surpass $1 trillion
This milestone represents a remarkable 25% year-over-year growth in app-based approvals, underscoring the increasing reliance on digital solutions for secure and efficient payment management.
“The CashPro App has become essential for our clients, especially for managing complex payment processes,” says Tom Durkin, Global Head of CashPro in Global Payments Solutions at Bank of America.
“Reaching the trillion-dollar benchmark highlights the convenience, security, and transparency that clients value in using the app.”
CashPro serves as Bank of America’s flagship digital banking platform, catering to approximately 550,000 users across 40,000 companies globally.
The app provides a comprehensive suite of features, enabling clients to oversee payments, deposits, loans and trade finance transactions.
Recognised as the leading mobile app for corporate and commercial banking, CashPro delivers real-time financial management tools designed to enhance client efficiency.
Lauren Hobbs, Cash Management Manager at energy infrastructure firm Sempra, shared her experience with the app: “The CashPro App is incredibly versatile. Whether I’m between meetings or working at my desk, it gives me the confidence to manage high-value payments seamlessly.”
The app integrates with the CashPro platform’s four payment channels: online, mobile app, APIs and file-based Connect.
For added security, corporate payments can require multiple levels of approval, and the app simplifies this process, enabling on-the-go approvals – particularly crucial during December’s year-end activity and holiday travel.
“By closely monitoring how clients use the CashPro App, we’ve seen significant growth and evolving needs,” explains Jennifer Sanctis, Head of CashPro App and Personalised Technologies at Bank of America, acknowledging the importance of client-driven innovation.
“Our ongoing investments ensure that the platform continues to deliver innovative financial experiences tailored to the changing demands of corporate treasury operations.”
As Bank of America looks ahead to 2025, the CashPro App remains a cornerstone in digital banking innovation, helping businesses manage their finances securely and efficiently in an increasingly dynamic global economy.
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