New Data-Driven Tool Empowers Corporate and Commercial Clients to Make Strategic Decisions, Drive Cost Savings and Efficiencies
NEW YORK, Jan. 9, 2024 /PRNewswire/ -- Bank of America today announced the launch of CashPro Insights, a digital tool that analyzes information flowing through the CashPro platform. Through data-driven intelligence, clients are presented with insights that empower them to make more informed treasury decisions and drive cost savings and efficiencies.
CashPro is Bank of America's digital banking platform accessed by more than 40,000 corporate and commercial clients around the world to manage their treasury, trade and credit operations and perform self-service requests. CashPro Insights is the latest development of the CashPro Data Intelligence product suite, complementing CashPro Forecasting and CashPro Search.
The CashPro platform facilitated 340 million client payments in 2023 – an 8% increase year-over-year – with each one carrying a robust amount of transactional data.
"In treasury and cash management, data continues to be an untapped resource that has the potential to reveal trends, weaknesses or opportunities. This potential can only be realized when data is thoughtfully organized and analyzed, which is the key objective of CashPro Insights," said Jennifer Sanctis, head of the CashPro App and Personalized Technologies, Global Transaction Services (GTS), Bank of America.
One of the first features of CashPro Insights, which is available through the CashPro App, is the Security Insight. Displayed as a 'security meter', the tool assesses and then makes recommendations on how a user can improve their security controls. Users will be able to complete a recommended task directly within the platform by simply clicking the "CashPro Click to Action" commands.
"The amount of data we can now tap into using CashPro Insights is jaw-dropping," said Angela Brown, Assistant Treasurer, Continental. "We had been creating these KPIs internally and it took us many steps to get to these same valuable data points. Now they are right at our fingertips."
"CashPro Insights together with other tools in the CashPro Data Intelligence suite are game changers for our clients. They are powerful, predictive tools that can help companies stay competitive and reach their strategic goals," shared Jay Davenport, global co-head of Corporate Sales in GTS at Bank of America.
CashPro Insights breaks down a client's data into digestible segments, delivering learnings that enable users to respond faster to events and make proactive business decisions. The tool provides:
- Industry benchmarks that compare a company's working capital and payment efficiency to peers in the industry.
- Deposit balance notifications that alert the user when a balance is forecasted to fall above or below a predetermined threshold.
- Dynamic graphical representations of data that help clients better visualize their operations and where they need to take action.
- Measurements to help assess payment efficiency, supplier payment optimization, strategic cross border payment flows and account fraud protection.
Bank of America will continue to expand CashPro Insights to other banking services, such as CashPro Receivables and Merchant Services.
Backed by a team of innovators, Bank of America is a leader in treasury and transaction services. Over the last two years, the company has introduced several digital innovations including CashPro Chat, CashPro Supply Chain Solutions, CashPro Forecasting, and CashPro QR Sign-In. Learn more about the bank's Global Transaction Services 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 68 million consumer and small business clients with approximately 3,900 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).
Bank of America makes no warranty, representation or guarantee regarding the suitability of CashPro Insights for any particular purpose, nor does Bank of America assume any liability arising out of the use or application of CashPro Insights.
Reporters may contact:
Andy Aldridge, Bank of America
Phone: 1-980-387-0514
andrew.aldridge@bofa.com
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SOURCE Bank of America Corporation
