Growth Surge Driven
by CashPro® API Network and CashPro
Developer Studio
NEW
YORK and SINGAPORE and
LONDON, Oct. 22,
2024 /PRNewswire/ -- 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 (APIs). Over the last 12 months, Bank of America has
seen a 51% increase1 in clients using APIs, with
growth driven by innovations that have simplified onboarding and
accelerated speed to transact.
"CFOs face enormous pressure to know their exposure and cash
position at any given time," said Tom
Durkin, head of CashPro® in Global
Payments Solutions (GPS) at Bank of America. "APIs play a
strategic role in positioning companies to act on information
quickly, in a fully automated and secure manner."
The APIs are available via CashPro, Bank of America's digital
banking platform accessed by 40,000 companies. Additionally, many
treasury management systems (TMS) and enterprise resource planning
(ERP) providers also host CashPro APIs. This network of 55 TMS and
ERPs has helped fuel the surge in API adoption. In fact, 78% of
clients using CashPro APIs are doing so through one of the network
participants.
Jennifer Jewett, Controller at
Jetcraft Corporation, explains the impact of CashPro APIs 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 APIs 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 API 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 API
network and the CashPro Developer Studio has been transformative,"
said Maureen Jarvis, head of
Business Banking GPS at Bank of America. "Smaller companies are
able to get the same strategic benefit of APIs as their larger
peers."
Examples of how CashPro APIs are being used around the world for
payment transactions include:
- Nonprofit organizations are sending emergency relief payments
to people in need via Zelle, ACH, debit cards and digital
wallets.
- Healthcare and insurance companies are leveraging APIs to
replace checks with Zelle, ACH and RTP® transactions, expediting
reimbursement payments and residential mortgage transactions.
- Companies operating in Brazil
are using APIs to process 600,000 Boletos every month.
- A chain of convenience stores and truck stops has automated
payments to their drivers, replacing paper checks with instant
payments made via Zelle upon notice of delivery of goods.
- Companies in Europe are
leveraging APIs for SEPA Instant Credit Transfers to make same day
payments.
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 69 million consumer and small
business clients with approximately 3,700 retail financial centers,
approximately 15,000 ATMs (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 (NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters may contact:
Louise
Hennessy, Bank of America
Phone: 1.646.858.6471
louise.hennessy@bofa.com
1 Period measured: 10/01/2022 to 09/30/2023 versus 10/01/2023 to 09/30/2024
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SOURCE Bank of America Corporation
