October 22, 2024 at 9:00 AM Eastern
B of A Sees fifty one percent Increase in Companies Leveraging A P Is For Real-Time Treasury Needs
Growth Surge Driven by CashPro® A P INetwork and CashPro Developer Studio
NEW YORK, New York, SINGAPORE, and LONDON – The demand for real time data and transaction processing is driving a record number of Bank of America business clients to adopt Application Programming Interfaces (A P Is). Over the last 12 months, Bank of America has seen a fifty one percent increase[1] in clients using A P Is, with growth driven by innovations that have simplified onboarding and accelerated speed to transact.
“C F Os face enormous pressure to know their exposure and cash position at any given time,” said Tom Durkin, head of CashPro® in Global Payments Solutions (G P S) at Bank of America. “A P Is play a strategic role in positioning companies to act on information quickly, in a fully automated and secure manner.”
The A P Is are available via CashPro, Bank of America’s digital banking platform accessed by 40,000 companies. Additionally, many treasury management systems (T M S) and enterprise resource planning (E R P) providers also host CashPro A P Is. This network of 55 T M S and E R Ps has helped fuel the surge in A P I adoption. In fact, seventy eight percent of clients using CashPro A P Is are doing so through one of the network participants.
Jennifer Jewett, Controller at Jetcraft Corporation, explains the impact of CashPro A P Is on her organization: "As our company has grown globally, it’s no longer practical to manually process and consolidate reports. I need to be able to respond to questions like ‘what’s my cash balance?’ almost immediately. CashPro A P Is is the ideal solution—it’s brought automation to our treasury and increased efficiency for my team."
By making business easier, the CashPro Developer Studio is also driving growth by transforming and dramatically speeding up the A P I onboarding experience. For instance, within one week, clients can go live with current day reporting as well as previous day reporting across all their accounts.
“The turnkey experience we’ve created through the CashPro A P I network and the CashPro Developer Studio has been transformative,” said Maureen Jarvis, head of Business Banking G P S at Bank of America. “Smaller companies are able to get the same strategic benefit of A P Is as their larger peers.”
Examples of how CashPro A P Is are being used around the world for payment transactions include:
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 A T Ms (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 is listed on the New York Stock Exchange (N Y S E B A C).
Louise Hennessy, Bank of America
Phone: one six four six eight five eight six four seven one
louise.hennessy@bofa.com
[1] Period measured: October first, twenty twenty two to September thirtieth, twenty twenty three versus October first, twenty twenty three to September thirtieth, twenty twenty four
October 22, 2024 at 9:00 AM Eastern
B of A Sees fifty one percent Increase in Companies Leveraging A P Is For Real-Time Treasury Needs
Growth Surge Driven by CashPro® A P INetwork and CashPro Developer Studio
NEW YORK, New York, SINGAPORE, and LONDON – The demand for real time data and transaction processing is driving a record number of Bank of America business clients to adopt Application Programming Interfaces (A P Is). Over the last 12 months, Bank of America has seen a fifty one percent increase[1] in clients using A P Is, with growth driven by innovations that have simplified onboarding and accelerated speed to transact.
“C F Os face enormous pressure to know their exposure and cash position at any given time,” said Tom Durkin, head of CashPro® in Global Payments Solutions (G P S) at Bank of America. “A P Is play a strategic role in positioning companies to act on information quickly, in a fully automated and secure manner.”
The A P Is are available via CashPro, Bank of America’s digital banking platform accessed by 40,000 companies. Additionally, many treasury management systems (T M S) and enterprise resource planning (E R P) providers also host CashPro A P Is. This network of 55 T M S and E R Ps has helped fuel the surge in A P I adoption. In fact, seventy eight percent of clients using CashPro A P Is are doing so through one of the network participants.
Jennifer Jewett, Controller at Jetcraft Corporation, explains the impact of CashPro A P Is on her organization: "As our company has grown globally, it’s no longer practical to manually process and consolidate reports. I need to be able to respond to questions like ‘what’s my cash balance?’ almost immediately. CashPro A P Is is the ideal solution—it’s brought automation to our treasury and increased efficiency for my team."
By making business easier, the CashPro Developer Studio is also driving growth by transforming and dramatically speeding up the A P I onboarding experience. For instance, within one week, clients can go live with current day reporting as well as previous day reporting across all their accounts.
“The turnkey experience we’ve created through the CashPro A P I network and the CashPro Developer Studio has been transformative,” said Maureen Jarvis, head of Business Banking G P S at Bank of America. “Smaller companies are able to get the same strategic benefit of A P Is as their larger peers.”
Examples of how CashPro A P Is are being used around the world for payment transactions include:
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 A T Ms (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 is listed on the New York Stock Exchange (N Y S E B A C).
Louise Hennessy, Bank of America
Phone: one six four six eight five eight six four seven one
louise.hennessy@bofa.com
[1] Period measured: October first, twenty twenty two to September thirtieth, twenty twenty three versus October first, twenty twenty three to September thirtieth, twenty twenty four
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