BofA Merrill to Expand CashPro® Mobile Capabilities

September 26, 2018 at 9:00 AM Eastern

Bank of America Merrill Lynch (BofA Merrill) is accelerating its investment in mobile capabilities, and today is introducing a second wave of enhancements for 2018 that improve the CashPro Mobile user experience.

The new features that are available now offer a simpler and more personalized experience and include:

  • Simpler navigation.
  • Enhanced user interface.
  • A personalized home view that allows clients to take action on their most critical “to-do’s.”
  • Ability to send feedback directly from the app.

Over the last 12 months, the number of users accessing CashPro Mobile has jumped more than 180 percent. “The statistics behind mobile adoption are compelling. We understand that clients like the convenience and portability that mobile access offers, and we’re pleased to bring to market more features that will make their lives easier – allowing them to transact business anywhere and anytime they choose,” said Julie Harris, head of Global Banking Mobile Strategy at BofA Merrill.

Year-Over-Year Growth in CashPro Mobile image for August 2017 to August 2018 Year-Over-Year Growth in CashPro Mobile

About CashPro

Companies use the CashPro platform to manage their everyday treasury needs. The platform has more than 475,000 active users among the bank’s commercial, large corporate, and business banking clients.

Image Description

Today’s announcement is the latest investment in mobility and CashPro as a platform.

  • Earlier this year, the bank added biometrics and an embedded token to CashPro Mobile, allowing users to quickly and securely access the application and complete payment approvals.
  • Last year, the bank introduced CashPro Assistant, a tool that uses artificial intelligence and predictive analytic capabilities to help commercial and corporate clients easily access and analyze their banking information.
  • BofA Merrill was the first bank to introduce integrated mobile check deposit and digital tokenization to the mobile experience.

In the months ahead, the bank intends to introduce new functionality for CashPro Mobile in addition to enhancements to CashPro Assistant, including electronic signing and document exchange.

BofA Merrill’s GTS business provides comprehensive global treasury solutions across the breadth of the working capital cycle, including liquidity management, payments and receipts, commercial card, foreign exchange and trade and supply chain finance. With a history spanning more than 230 years, GTS services thousands of clients ― small businesses, mid-size companies, large corporations, financial institutions and public-sector entities ― in more than 200 countries and 140 currencies.

In the months ahead, the bank intends to introduce new functionality for CashPro Mobile in addition to enhancements to CashPro Assistant, including electronic signing and document exchange.

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 67 million consumer and small business clients with approximately 4,400 retail financial centers, including more than 1,700 lending centers, more than 1,900 Merrill Edge investment centers and more than 1,300 business centers; approximately 16,100 ATMs; and award-winning digital banking with more than 36 million active users, including 25 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 across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, register for news email alerts.

 

Reporters may contact:

Louise Hennessy, Bank of America Merrill Lynch
Phone: 415.913.3641
louise.hennessy@bofa.com

 

Image Description: Year-over-year growth in CashPro mobile for August 2017 to August 2018. Number of users are up 180%, number of logins are up 402%, and the number of payment approvals are up 392%.