New Data-Driven Tool Empowers Corporate and
Commercial Clients to Make Strategic Decisions, Drive Cost Savings
and Efficiencies
NEW
YORK, Jan. 9, 2024 /PRNewswire/ -- Bank of
America today announced the launch of CashPro Insights, a digital
tool that analyzes information flowing through the CashPro
platform. Through data-driven intelligence, clients are presented
with insights that empower them to make more informed treasury
decisions and drive cost savings and efficiencies.
CashPro is Bank of America's digital banking platform accessed
by more than 40,000 corporate and commercial clients around the
world to manage their treasury, trade and credit operations and
perform self-service requests. CashPro Insights is the latest
development of the CashPro Data Intelligence product suite,
complementing CashPro Forecasting and CashPro Search.
The CashPro platform facilitated 340 million client payments in
2023 – an 8% increase year-over-year – with each one carrying a
robust amount of transactional data.
"In treasury and cash management, data continues to be an
untapped resource that has the potential to reveal trends,
weaknesses or opportunities. This potential can only be realized
when data is thoughtfully organized and analyzed, which is the key
objective of CashPro Insights," said Jennifer Sanctis, head of the CashPro App and
Personalized Technologies, Global Transaction Services (GTS), Bank
of America.
One of the first features of CashPro Insights, which is
available through the CashPro App, is the Security Insight.
Displayed as a 'security meter', the tool assesses and then makes
recommendations on how a user can improve their security controls.
Users will be able to complete a recommended task directly within
the platform by simply clicking the "CashPro Click to Action"
commands.
"The amount of data we can now tap into using CashPro Insights
is jaw-dropping," said Angela Brown,
Assistant Treasurer, Continental. "We had been creating these KPIs
internally and it took us many steps to get to these same valuable
data points. Now they are right at our fingertips."
"CashPro Insights together with other tools in the CashPro Data
Intelligence suite are game changers for our clients. They are
powerful, predictive tools that can help companies stay competitive
and reach their strategic goals," shared Jay Davenport, global co-head of Corporate Sales
in GTS at Bank of America.
CashPro Insights breaks down a client's data into digestible
segments, delivering learnings that enable users to respond faster
to events and make proactive business decisions. The tool
provides:
- Industry benchmarks that compare a company's working capital
and payment efficiency to peers in the industry.
- Deposit balance notifications that alert the user when a
balance is forecasted to fall above or below a predetermined
threshold.
- Dynamic graphical representations of data that help clients
better visualize their operations and where they need to take
action.
- Measurements to help assess payment efficiency, supplier
payment optimization, strategic cross border payment flows and
account fraud protection.
Bank of America will continue to expand CashPro Insights to
other banking services, such as CashPro Receivables and Merchant
Services.
Backed by a team of innovators, Bank of America is a leader in
treasury and transaction services. Over the last two years, the
company has introduced several digital innovations including
CashPro Chat, CashPro Supply Chain Solutions, CashPro Forecasting,
and CashPro QR Sign-In. Learn more about the bank's Global
Transaction Services capabilities.
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 68 million consumer and small
business clients with approximately 3,900 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).
Bank of America makes no warranty, representation or guarantee
regarding the suitability of CashPro Insights for any particular
purpose, nor does Bank of America assume any liability arising out
of the use or application of CashPro Insights.
Reporters may contact:
Andy Aldridge, Bank of
America
Phone: 1-980-387-0514
andrew.aldridge@bofa.com
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SOURCE Bank of America Corporation