Bank of America's CashPro App Facilitates €100 Billion in Payments
News related to:Bank of America · 2 min read
Bank of America's CashPro App has seen a significant boost in its mobile authentication capabilities, facilitating over €100 billion in payments for European companies. The app, designed for corporate treasury workflows, now boasts that 74% of its users in Europe prefer the CashPro mobile token for secure authentication and access.
The CashPro mobile token, part of Bank of America's mobile authentication solution, replaces the need for physical tokens. It works alongside biometrics, QR Sign-In, and push authentication to enable secure access to the CashPro platform from mobile devices. This move simplifies the process for treasury teams, allowing them to complete more tasks from their smartphones.
Client feedback has played a crucial role in enhancing the payment approval experience within the CashPro App. Kunwarjit Singh Suri, EMEA Controller at F5 Limited and a member of the bank's UK CashPro Board, noted, "Moving from a physical token to the CashPro App was a natural step for us. It gives us the security we need while making it easier to review and approve transactions wherever we are."
Bank of America has continued to expand the app's functionality, incorporating new digital identity verification capabilities for corporate administrators. These updates build on the app's existing cybersecurity protections and patented integrated mobile token, ensuring that clients can manage their financial transactions securely.
The CashPro App, a flagship digital platform used by over 35,000 companies globally, has maintained its leadership in the mobile application market. For four consecutive years, the app has been ranked the No. 1 mobile application according to Coalition Greenwich. Additionally, the broader CashPro platform has been recognized as a leader in digital channels, online portals, and host-to-host integrations.
In response to client feedback, Bank of America has introduced new features to improve the payment approval process. These enhancements provide greater visibility into payment details and streamline the approval process, making it more efficient for users.
The company is also developing new digital identity verification experiences for corporate administrators, further extending secure mobile access to more treasury workflows. Heath Bergman, CashPro App Product Executive at Bank of America, stated, "Clients around the globe have embraced mobile and continue to ask us to expand what they can accomplish through the app. Their feedback is helping shape our investment as we extend secure mobile access to more treasury workflows."
These developments underscore Bank of America's commitment to providing innovative solutions for corporate treasury management. The CashPro App continues to be a key tool for companies seeking secure, efficient, and mobile-friendly financial management.