Digital Banking
Bank of America's CashPro app sees $500B+ payment approvals
August 1, 2024
Bank of America's CashPro App saw more than $500 billion in corporate payment approvals so far in 2024. This is a nearly 40% increase year-over-year and is on track to reach $1 trillion by the end of the year, according to a press release.
CashPro is a digital banking platform with 550,000 users at 40,000 companies, which allows them to manage payments, deposits, loans and trade finance transactions. Customers can initiate corporate payments online, app, API or Connect.
"This volume of payment approvals via our CashPro App reflects a shift in client behavior and digital banking expectations over the last few years," explained 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."
