NEW YORK, March 10, 2022 /PRNewswire/ -- Bank of America's business clients are increasingly utilizing mobile devices to manage payments and treasury operations, and in support of this trend, the bank today announced the launch of ACH Positive Pay on its award-winning CashPro App.
ACH Positive Pay, which is already available to business clients on the bank's online version of CashPro, lets clients review and either approve or reject incoming transaction requests ("exceptions") processed through the U.S. Automated Clearing House, or ACH. Now, clients can perform the same tasks via their mobile device, on which they'll receive notifications of exceptions and be able to make real-time decisions to pay or return these transactions, regardless of their location.
"Without the proper controls in place, clients are open to significant risk when sizable ACH debits on their accounts can occur late in the day," said David Kretz, head of Global Payments and GTS Strategy in Global Transaction Services at Bank of America. "With mobile access to ACH Positive Pay, clients can make time-sensitive decisions from any location and reduce their concerns about missing return deadlines."
The new capability coincides with Nacha's changes to Same Day ACH limits, scheduled for this month, that will allow the value of same-day debits and credits up to $1 million per transaction. Previously, the limit was $100,000.
Last year, payments approved on the CashPro App doubled to $384 billion. "It's clear that our clients increasingly trust the app to conduct every-day and critical cash management operations," said Tom Durkin, Global Product Head of CashPro in Global Transaction Services at Bank of America. "With ACH Positive Pay, the app now has more ways that clients can make real-time decisions, which for ACH, will carry greater significance when Same Day ACH limits are increased."
ACH Positive Pay on the CashPro App is the latest development by the bank to expand fraud prevention tools for payments. Last year, the bank launched Account Validation. Read more about the bank's ACH Payments 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 67 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with more than 54 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 3 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange
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SOURCE Bank of America Corporation
