BoA launches new transaction platform with enhanced search capabilities

Corporate finance departments, treasurers, and CFOs demand the same intuitive experience managing their company’s financial information as they do with their personal finances.

Recognising this need, Bank of America has unveiled a new transaction search engine with integrated investigation capabilities on its CashPro digital banking platform.

CashPro has long been the go-to platform for businesses around the globe, enabling them to seamlessly manage and oversee their payments, deposits, loans, and trade finance activities.

Developed in close collaboration with BofA’s clients, the latest enhancements to the CashPro Data Intelligence suite represent the bank’s unwavering dedication to delivering innovative solutions tailored to the evolving needs of the modern treasurer.

Streamlining transactions with CashPro Search

At the heart of this transformation lies the newly unveiled CashPro Search, a powerful transaction search engine that has already proven to be a game-changer for BofA’s clients.

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

Beyond its speed, the search engine also provides unparalleled visibility into a company’s financial transactions, furnishing details such as payment status, incoming and outgoing messages, SWIFT GPI tracking information, and even associated images.

Empowering clients with investigative capabilities

One of the most significant enhancements to the CashPro platform is the integration of robust investigative capabilities. From within the CashPro Search interface, clients can now initiate inquiries into a wide range of transactions, including domestic and international wire transfers, Automated Clearing House (ACH) payments, real-time payments, and even incoming FX credit transactions or loan proceeds.

“Win-win may be an overused phrase, but it’s the perfect way to describe the benefits of CashPro Search with Investigations,” says 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.”

The data captured from these transaction inquiries is automatically routed to BofA’s service team, enabling clients to monitor the progress of the resolution and receive real-time status updates, including any correspondence from the beneficiary’s bank.

Driving innovation and momentum in CashPro

BofA’s commitment to innovation is evident in the numerous patents that have been granted for CashPro-related technologies, resulting in an award-winning platform that seamlessly blends ease of use with broad, integrated functionality.

One notable example of BofA’s innovative approach is the integration of its Erica AI technology into the CashPro Chat feature. Since its launch in September 2023, more than 40% of CashPro clients have engaged with this virtual assistant to quickly view transactions, access account information, and navigate the platform’s functionality.

Complementing the search and investigative capabilities, the CashPro Insights module within the CashPro Data Intelligence suite analyses a company’s information flowing through the platform to generate valuable insights. These insights empower users to identify opportunities for improving their treasury operations and processes, with the Security Insight feature even measuring the robustness of a user’s security controls.

BofA’s commitment to innovation extends beyond the core CashPro platform, as evidenced by the introduction of the CashPro Supply Chain Solutions. This platform offers participants in a supply chain the benefits of digitisation, including enhanced process efficiency and working capital optimisation. The first module, Open Account Automation, launched in September 2023, addresses one of the most common processes in global trade: invoice approval and payment.

Solidifying BofA’s leadership in digital banking

Bank of America’s strategic investments in CashPro reflect its unwavering dedication to providing its corporate clients with a seamless, data-driven banking experience. By continuously enhancing the platform’s capabilities, the bank demonstrates its commitment to staying ahead of the curve and meeting the evolving needs of treasurers and finance professionals.

As Novack aptly notes, “The days of a treasurer and their teams having a Monday-to-Friday gig that is nine to five are over.”

In today’s fast-paced, 24/7 business environment, treasurers are under increasing pressure to deliver real-time information and support. BofA’s CashPro platform, with its robust search, investigation, and optimisation tools, empowers these professionals to meet the demands of their ever-evolving roles.

BofA’s strategic focus on enhancing its digital banking capabilities, exemplified by the CashPro platform, positions the bank as a leader in the industry. By continuously investing in technological advancements and incorporating client feedback, the bank ensures that its corporate clients can leverage the power of digital tools to streamline their financial operations and gain a competitive edge.

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