Fintech
BofA’s CashPro App Surpasses $500 Billion in Payment Approvals – FF News
Bank of America has seen adoption and use of its CashPro App for business payment approvals accelerate significantly over the past two years. Business payment approvals completed through the CashPro App surpassed a record $500 billion as of mid-year, up nearly 40% from mid-year last year, and are on track to reach $1 trillion by the end of 2024.
CashPro is Bank of America’s digital banking platform accessed by 550,000 users at 40,000 businesses worldwide to manage and track their payments, deposits, loans and trade finance transactions. The CashPro app is an integral part of this platform and the #1 mobile app for corporate and commercial banking.1
“This volume of payment approvals via our CashPro app reflects a change in customer behavior and expectations of digital banking in recent years,” explained Jennifer Sanctis, head of the CashPro app at Bank of America. “The app’s innovative design provides a convenient and secure customer experience through which users can approve and validate payments and monitor account activity from anywhere, at any time of day. The ability to do so has changed the lives of our customers.”
Business payments can be initiated through any of the four channels of the CashPro platform, namely Online, App, API (Application Program Interface) and Connect (file-based). For added security, these payments may require additional levels of approval before being released.
Billion Dollar Days
Before 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 CashPro app’s widespread adoption is the number of days the volume of business payment approvals completed through the app exceeds $1 billion. A few years ago, this was a rare occurrence. Today, that mark is surpassed almost every day, with $3 billion becoming an increasingly common occurrence:
- There have been over 100 business days where over $3 billion in payment approvals through the CashPro app have been achieved.
- The largest single day of payment approvals through the app surpassed $11 billion, which occurred in December 2023. So far in 2024, the largest single day was nearly $8 billion, which occurred in June.
- Individual business customers now routinely process large single payments, exceeding $500 million, through the CashPro app.
- Corporate, commercial and enterprise customers of all sizes are increasingly using the app: for example, the value of payments increased 46% year-over-year among Global Corporate Banking customers and 17% among Small Business customers.
Designed with customers in mind
Bank of America customers play an active role in designing CashPro’s four channels. They help prioritize various features and enhancements and participate in design sessions through the CashPro Advisory Boards.
A member of the advisory committee, Flavia Salvaterra, director of Kroll’s treasury, said “I’ve used the CashPro app everywhere from meetings to airport lounges. Having the mobile app means you’re no longer limited to your desktop to approve payments. It makes life so much easier.”
Greenwich Coalition Ranking #1
In 2023 and 2024, the CashPro app was ranked #1 in mobile in Coalition Greenwich’s annual digital transformation benchmarking study.
“Bank of America’s CashPro team has been outstanding in providing a sophisticated platform for their customers, not least their mobile app. The company’s continued investment and commitment to providing the best customer experience is what keeps them at the top of our list year after year,” said Chris McDonnell, head of Community, Commercial and Digital Banking at Coalition Greenwich.