Bank of America has seen significant increases in adoption and use of its CashPro app for approving business payments in recent years.
Business payment approvals completed through the CashPro app surpassed a record $500 billion in the middle of this year – a nearly 40% increase from the middle of last year – and are on track to reach $1 trillion by the end of 2024 to reach.
CashPro is Bank of America’s digital banking platform accessed by 550,000 users at 40,000 businesses around the world to manage and monitor their payments, deposits, loans and trade finance transactions. The CashPro app is an integral part of this platform and is the #1 mobile app for corporate and business banking.1
“This volume of payment approvals through our CashPro app reflects a shift in customer behavior and expectations of digital banking in recent years,” said Jennifer Sanctis, head of CashPro App at Bank of America. “The app’s innovative design provides a convenient and secure customer experience, allowing users to approve and validate payments and monitor account activity from anywhere, at any time of the day. The opportunity to do this has changed our customers’ lives.”
Corporate payments can be initiated through any of the CashPro platform’s four channels: Online, App, API (application program interface) and Connect (file-based). For added security, these payments may require additional levels of approval before release.
Billion dollar days
Before the pandemic, mobile banking was a convenient convenience for businesses. It became a business continuity necessity during the pandemic and is now a common experience.
One measure of the massive adoption of the CashPro app is the number of days that the volume of business payment approvals completed through the app exceeds $1 billion. A few years ago this was a rare occurrence. Today, this figure is exceeded almost daily, with $3 billion becoming more and more common:
• More than $3 billion in payment approvals were made through the CashPro app on more than 100 business days.
• The largest single day of in-app payment approvals exceeded $11 billion and occurred in December 2023. In 2024, the largest single day to date was nearly $8 billion and occurred in June.
• Individual corporate customers now routinely process large individual payments of more than $500 million through the CashPro app.
• Corporate, commercial and business banking customers of all sizes are increasingly using the app, with payment value increasing by 46% year-over-year for Global Corporate Banking customers and 17% for Small Business customers, for example.
Designed with customers in mind
Bank of America customers play an active role in shaping CashPro’s four channels. You will help prioritize various features and improvements and participate in design sessions through CashPro Advisory Boards.
Flavia Salvaterra, Treasury Director at Kroll, a member of the advisory board, said: “I have used the CashPro app everywhere – from meetings to airport lounges. With the mobile app, you are no longer limited to your desktop to approve payments. It makes life a lot easier.”
Coalition Greenwich #1 ranking
In 2023 and 2024, the CashPro app received the best mobile ranking in the Coalition Greenwich’s annual Digital Transformation Benchmarking study.
“Bank of America’s CashPro team has been exceptional in delivering a sophisticated platform to its customers, not least the mobile app. The company’s continued investment and commitment to delivering the best customer experience ensures it remains at the top of our rankings year after year,” said Chris McDonnell, Head of Community, Commercial and Digital Banking at Coalition Greenwich.
