BofA Unveils Intelligent Transaction Search on CashPro

PRNewswire 11-Jul-2024 10:15 AM

New On-Demand Service Includes Investigation Capabilities that Improve Ease of Doing Business

NEW YORK, July 11, 2024 /PRNewswire/ -- When it comes to finding, analyzing and acting on their company's financial information, corporate finance departments, treasurers and CFOs expect the same ease and convenience they enjoy while managing their personal finances. That's why today, Bank of America is unveiling a powerful transaction search engine with integrated investigation capabilities on CashPro.

CashPro is the banking platform used by 40,000 companies around the world to manage and monitor their payments, deposits, loans and trade finance transactions. The new capabilities were developed with feedback from Bank of America's clients and are the latest updates to CashPro Data Intelligence, a suite of tools that companies can use to gain insights on their treasury operations and processes.

"CashPro Search is a major time saver for our clients who've used it 7 million times since it was initially deployed," said Christian Stolcke, head of Financial Institutions, NBFIs and Governments in Global Payments Solutions (GPS) at Bank of America. "Within seconds, the tool searches across multiple accounts and applications to find a business transaction."  

In addition to speed, the search engine delivers full visibility into a company's transactions, providing details such as a payment status, incoming and outgoing messages, Swift GPI tracking details and images.

Search with Investigation Capabilities
From CashPro Search, clients can now launch an inquiry into a transaction – an extremely common task in banking – to validate the status or details of a payment, which could include domestic or international wires, Automated Clearing House (ACH) Payments, Real-Time Payments, and even incoming FX credit transactions or loan proceeds¹.

The data captured from the transaction inquiry is automatically routed to the service team. Clients can track the progress of the resolution and get real-time status updates and even view correspondence from a beneficiary's bank.

"Win-win may be an overused phrase but it's the perfect way to describe the benefits of CashPro Search with Investigations," said Abbey Novack, CashPro Product Executive in GPS at Bank of America. "We've significantly streamlined service requests, so that rather than picking up the phone or having to send an email, a client can directly initiate and track their request within CashPro."

CashPro: Innovation and momentum highlights
A platform of innovation

• Numerous CashPro related patents have been granted to date. The result is an award-winning platform that combines ease of use and broad, integrated functionality.

CashPro Chat enabled by Bank of America's Erica AI technology

• Since its launch in September 2023, more than 40% of CashPro clients have engaged with this virtual assistant to quickly view transactions, find information about their accounts and navigate CashPro functionality.

CashPro Insights

• Part of the CashPro Data Intelligence suite, CashPro Insights was launched in January 2024 and analyzes a company's information flowing through the platform to create insights on how the user can improve their operations and processes. The Security Insight, for instance, measures the robustness of a user's security controls.

CashPro Supply Chain Solutions

• This platform offers participants in a supply chain the benefits of digitization with improved process efficiency and working capital optimization.
• Launched in September 2023, Open Account Automation is the first module of CashPro Supply Chain Solutions, and addresses invoice approval and payment, one of the most common processes in global trade.

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 3,800 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).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom. Click here to register for news email alerts.

Reporters may contact:
Louise Hennessy
Bank of America
Phone: 646-858-6471
Louise.hennessy@bofa.com

¹   Available for several transaction types. Additional payment rails and request types will be supported as they become available. ACH payments are U.S. domestic.

View original content to download multimedia:https://www.prnewswire.com/news-releases/bofa-unveils-intelligent-transaction-search-on-cashpro-302194560.html

SOURCE Bank of America Corporation