BofA's CashPro® App Will Surpass a Record $1 Trillion in Payment Approvals for the Year

Rhea-AI Summary

Bank of America's CashPro App is set to exceed $1 trillion in payment approvals by the end of 2024, marking a 25% year-over-year increase. The app, part of BofA's digital banking platform, serves approximately 550,000 users at 40,000 companies globally, managing payments, deposits, loans, and trade finance transactions.

CashPro is ranked as the No. 1 mobile app for corporate and commercial banking, offering payment initiation across four channels: online, app, APIs, and Connect. The platform provides enhanced security features and convenience for corporate clients, with December typically seeing the highest volume of payment approvals due to year-end activity and holiday season travel.

Positive

• Record $1 trillion in payment approvals through CashPro App in 2024
• 25% year-over-year increase in payment approvals
• Large user base of 550,000 users across 40,000 companies globally
• #1 ranked mobile app for corporate and commercial banking

Negative

• None.

News Market Reaction

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On the day this news was published, BAC declined 0.35%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Clients Turn to Mobile for Added Visibility and Control Over Their Payments

NEW YORK, Dec. 10, 2024 /PRNewswire/ -- By the end of 2024, Bank of America corporate clients will have made over $1 Trillion in payment approvals on the bank's CashPro App, the mobile application that companies use to manage their treasury operations. This will represent a more than 25% year-over-year increase in payments approved via the app, illustrating that clients are further utilizing the technology for its enhanced security and convenience.

"The CashPro App plays an instrumental role in helping our clients manage their business, particularly when it comes to payments," said Tom Durkin, Global Head of CashPro in Global Payments Solutions (GPS) at Bank of America. "Surpassing the trillion-dollar milestone illustrates the value clients gain from the convenience, control and transparency of payment approvals."

CashPro is Bank of America's digital banking platform and is accessed by approximately 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 is the No. 1 ranked mobile app for corporate and commercial banking.¹

Lauren Hobbs, Cash Management Manager at the energy infrastructure company Sempra, is a CashPro super user. "The CashPro App is great," she said. "Whether I'm in between meetings or at my desk, it's extremely powerful. I can quickly look at account balances and approve high dollar payments with confidence."

Bank of America clients can initiate corporate payments across any of the four channels of the CashPro platform: online, app, Application Program Interfaces (APIs) and Connect (file-based). For added security, these payments may require additional levels of approval prior to being released, and clients can leverage the CashPro App to complete those approvals. Historically, December sees the highest volume and value of payments approved through the app, driven by year-end activity and users traveling during the holiday season.

"From studying the adoption of CashPro App features, we've watched client activity grow and change over time," said Jennifer Sanctis, head of CashPro App and Personalized Technologies in GPS at Bank of America. "Through ongoing investment and listening to client feedback, we'll continue to provide innovative financial experiences to support their transforming needs in 2025 and beyond."

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 (NYSE: BAC) is listed on the New York Stock Exchange.

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 In 2023 and 2024, the CashPro App received the top mobile ranking in Coalition Greenwich's annual Digital Transformation Benchmarking Study.

 

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SOURCE Bank of America Corporation

FAQ

What is the total value of payment approvals expected through Bank of America's CashPro App in 2024?

Bank of America's CashPro App (BAC) is expected to surpass $1 trillion in payment approvals by the end of 2024.

How many companies use Bank of America's CashPro platform globally?

Bank of America's CashPro platform (BAC) is used by approximately 40,000 companies worldwide, with about 550,000 individual users.

What is the year-over-year growth rate for CashPro App payment approvals in 2024?

Bank of America's CashPro App (BAC) has shown a more than 25% year-over-year increase in payment approvals for 2024.

What are the four channels available for payment initiation in CashPro?

Bank of America's CashPro (BAC) offers four channels for payment initiation: online, app, Application Program Interfaces (APIs), and Connect (file-based).