New On-Demand Service Includes Investigation
Capabilities that Improve Ease of Doing Business
NEW
YORK, July 11, 2024 /PRNewswire/ -- When it
comes to finding, analyzing and acting on their company's financial
information, corporate finance departments, treasurers
and CFOs expect the same ease and convenience they enjoy while
managing their personal finances. That's why today, Bank of America
is unveiling a powerful transaction search engine with integrated
investigation capabilities on CashPro.
CashPro is the banking platform used by 40,000 companies around
the world to manage and monitor their payments, deposits, loans and
trade finance transactions. The new capabilities were developed
with feedback from Bank of America's clients and are the latest
updates to CashPro Data Intelligence, a suite of tools that
companies can use to gain insights on their treasury operations and
processes.
"CashPro Search is a major time saver for our clients who've
used it 7 million times since it was initially deployed," said
Christian Stolcke, head of Financial
Institutions, NBFIs and Governments in Global Payments Solutions
(GPS) at Bank of America. "Within seconds, the tool searches across
multiple accounts and applications to find a business transaction."
In addition to speed, the search engine delivers full visibility
into a company's transactions, providing details such as a payment
status, incoming and outgoing messages, Swift GPI tracking details
and images.
Search with Investigation
Capabilities
From CashPro Search, clients
can now launch an inquiry into a transaction – an extremely common
task in banking – to validate the status or details of a payment,
which could include domestic or international wires, Automated
Clearing House (ACH) Payments, Real-Time
Payments, and even incoming FX credit transactions or
loan proceeds1.
The data captured from the transaction inquiry is automatically
routed to the service team. Clients can track the progress of the
resolution and get real-time status updates and even view
correspondence from a beneficiary's bank.
"Win-win may be an overused phrase but it's the perfect way to
describe the benefits of CashPro Search with Investigations," said
Abbey Novack, CashPro Product
Executive in GPS at Bank of America. "We've significantly
streamlined service requests, so that rather than picking up the
phone or having to send an email, a client can directly initiate
and track their request within CashPro."
CashPro: Innovation and momentum highlights
A platform
of innovation
- Numerous CashPro related patents have been granted to date. The
result is an award-winning platform that combines ease of use and
broad, integrated functionality.
CashPro Chat enabled by Bank of America's Erica AI
technology
- Since its launch in September
2023, more than 40% of CashPro clients have engaged with
this virtual assistant to quickly view transactions, find
information about their accounts and navigate CashPro
functionality.
CashPro Insights
- Part of the CashPro Data Intelligence suite, CashPro Insights
was launched in January 2024 and
analyzes a company's information flowing through the platform to
create insights on how the user can improve their operations and
processes. The Security Insight, for instance, measures the
robustness of a user's security controls.
CashPro Supply Chain Solutions
- This platform offers participants in a supply chain the
benefits of digitization with improved process efficiency and
working capital optimization.
- Launched in September 2023, Open
Account Automation is the first module of CashPro Supply Chain
Solutions, and addresses invoice approval and payment, one of the
most common processes in global trade.
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 3,800 retail financial centers, approximately 15,000
ATMs (automated teller machines) and award-winning digital banking
with approximately 57 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 is listed on the New York Stock Exchange
(NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
Reporters may contact:
Louise
Hennessy
Bank of America
Phone: 646-858-6471
Louise.hennessy@bofa.com
1 Available for several transaction
types. Additional payment rails and request types will be supported
as they become available. ACH payments are U.S. domestic.
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SOURCE Bank of America Corporation