Bank of America has seen the adoption and use of its CashPro digital banking platform hit a record high, accelerating significantly over the past couple of years, with corporate payment approvals completed via the app surpassing US$500 billion as of the middle of this year. This is up nearly 40% compared with the middle of last year and on pace to reach US$1 trillion by the end of 2024.

CashPro is accessed by 550,000 users at 40,000 companies around the world to manage and monitor their payments, deposits, loans, and trade finance transactions, according to BofA.

“This volume of payment approvals via our CashPro App reflects a shift in client behaviour and digital banking expectations over the last few years,” says Jennifer Sanctis, head of CashPro App at Bank of America. “The app’s innovative design offers a convenient and secure client experience through which users can approve and validate payments and monitor account activity from anywhere and at any time of day. The ability to do so has been life-changing for our clients.”

Corporate payments can be initiated across any of the four channels of the CashPro platform – Online, App, API (application program interface) and Connect (file-based). For added security, these payments may require additional levels of approval prior to being released.

One measure of the massive adoption of the CashPro App is the number of days when the volume of corporate payment approvals completed via the app exceeds US$1 billion. A few years ago, this was a rare event. Today, that value is exceeded almost daily, with US$3 billion becoming an increasingly common occurrence, according to BofA.

The bank says its clients play an active role in the design of CashPro’s four channels; they help prioritize various functionalities and enhancements and take part in design sessions through CashPro’s advisory boards.

“I’ve used the CashPro App everywhere – from meetings to airport lounges,” Flavia Salvaterra, director of treasury at Kroll and a member of the platform’s advisory board, is quoted as saying. “Having the mobile app means that you’re no longer restricted to your desktop to approve payments. It makes life a lot easier.”