The bank is introducing a series of new capabilities that increase efficiency, transparency and mobility for business customers
Bank of America is leading the future of digital transformation with its continued investment in CashPro, the platform used by thousands of businesses around the world to manage payments, receivables and deposits. Today, the bank is introducing a series of new capabilities that increase efficiency, transparency and mobility for business customers. These updates are making business easier for the bank’s clients:
- Digitized KYC (Know-Your-Customer) Refresh. One of the biggest pain points for business customers is completing the paper-intensive and time-consuming task of the periodic KYC Refresh. To help improve the experience, the bank has digitized the process within CashPro Assistant. Companies can now upload the required documentation to the platform, replacing numerous emails. CashPro Assistant users can also view an up-to-date request status, document status and communications from the bank.
- Electronic signature in EMEA. The convenient eSignature capability will be an option for clients located in 20 countries across EMEA. Through CashPro Assistant, which is accessible online or through the mobile app, users can view and sign documents, delivering greater convenience and efficiency. Bank of America first introduced eSignature in 2017 for documents relating to accounts in North America.1
- U.S. real-time payments. Clients can now originate real-time payments from the same platform they use for all payment requests. Clients can also receive alerts to support these payments, such as when a recipient acknowledges receipt of payment.
- Robust capabilities on mobile app. The new enhancements to CashPro Mobile give CFOs and treasurers the ability to do their banking anywhere, anytime:
– Assistant capabilities that let users view, sign, and share documents.
– Automated clearing house (ACH) payments can now be approved via the mobile app. These low-value and high-volume payments have grown exponentially in recent years, generating the need for CFOs and treasurers to be able to approve them at any time of the day.
– Expanded self-service menu allows users to change passwords and perform other tasks that mimic personal banking functionality.
“Critical to becoming a customer-first bank is shedding light on banking processes, empowering the customer in these processes, and doing as much of the work as possible on behalf of the customer. By delivering more transparency and control to end-users, banks will achieve a new level of trust and deepen client relationships,” said Alenka Grealish, senior banking analyst at Celent.
“We greatly appreciate the close dialogue we have with our clients,” said Hubert J.P. Jolly, head of Global Commercial Banking Global Transaction Services (GTS) and GTS Channels at Bank of America. “That dialogue drives our success in introducing solutions that will make the biggest impact to our clients. These latest upgrades mean that clients can have the most critical workstation capabilities wherever they are – making their mobile devices even smarter and their lives easier.”
These new enhancements are a result of the robust feedback loop that the bank has built over many years, most notably the CashPro Client Advisory Boards that include members of the bank’s various client segments. Through the advisory boards, the voice-of-the-client surveys, the in-app feedback tool, and the mobile community, the bank is always listening, always refining and always delivering.
In 2019, the bank has continued to introduce enhancements to CashPro Mobile and earlier this year integrated Apple Watch capabilities into the CashPro platform.
Bank of America has been named “Best Digital Bank” in North America by Euromoney magazine for two consecutive years, and its leadership in digital banking for businesses is centered on its CashPro platform where users manage their everyday treasury and lending needs. CashPro has approximately 500,000 users among the bank’s corporate, commercial, and business banking clients.
Source: Company Press Release