Digital Tools Take Advantage of APIs to Deliver Configurable Analytics and Enhance Service
Bank of America Merrill Lynch today launched CashPro® Assistant, which uses artificial intelligence and predictive analytic capabilities to help commercial and corporate clients easily access and analyze their banking information. CashPro Assistant delivers a differentiated experience for all CashPro clients.
Central to the experience is CashPro Assistant Analytics and Forecasting, which enables clients to use BofA Merrill application programming interfaces (APIs) to integrate directly with Microsoft® Excel to populate account data on demand from CashPro Online into configurable spreadsheets. The introduction of Analytics and Forecasting is one of multiple steps BofA Merrill is taking to expand the delivery of products using API technology. Additional tools in CashPro Assistant include transaction research, automated alerts, educational content, live chat and help by phone.
"Companies are looking to their banks to not just execute financial transactions, but to provide information they can use in a hands-on fashion to inform their decision-making,” said Hubert J.P. Jolly, head of financing and channels for Global Transaction Services at BofA Merrill. “We’re launching CashPro Assistant in recognition that the services we’ve created can be valuable to all our clients without the need to pick and choose among them. Our aim is to make it as easy as possible for clients to do business.”
Jolly added that the bank is focused on finding additional ways to more closely integrate with its clients, moving beyond assistance to advisory capabilities.
“Our clients manage an increasingly complex ecosystem,” Jolly said. “Treasurers are challenged with maintaining oversight and managing daily operations using fragmented tools, leaving them with less time to focus on capital allocation and oversight. We view this as an opportunity to help them gain efficiencies, enhance governance and control, and drive strategic growth.”
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 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 34 million active users, including 24 million mobile 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 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. ©2017 Bank of America Corporation.
# # #
Reporters may contact:
Will Wilson, Bank of America Merrill Lynch