Bank of America (BofA) has announced an expansion of its digital banking platform CashPro’s Payment API capabilities, letting clients access hundreds of more payment types and the ability to bundle payments, a press release said.
The company said APIs have continued to move things forward for B2B and B2C transactions, providing real-time data, cutting costs and streamlining efficiencies.
The release noted some of the benefits of the CashPro expansion — there will be over 350 payment types, seven real-time payment schemes and services, domestic and cross-border wires, domestic ACH, local payment instrument availability and the ability to execute payments in bundles.
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“A significant feature of APIs is their ability to support 24/7 processing. We’re seeing that play out with our Payment API where 20% of the volume is being processed during the weekend. The enhanced API will give clients even more options to process payments in multiple jurisdictions and countries at any time of the day, ” said Tom Durkin, global product head for CashPro Platform in Global Transaction Services (GTS) at BofA. “The development is part of our multi-year digital strategy to make business easier and more secure.”
And Stephanie Wolf, head of Global Financial Institutions, Governments, Business Banking Sales, and Risk in GTS at BofA, said clients will be able to add business efficiency and competitive edge through the API.
“Our API can be a bridge between an insurer’s system and the policyholder, disbursing funds digitally, and instantly provide access to funds following a claim, without the need to use checks, ” she said.
Mobile Banking & Online Banking Features From Bank Of America
Also wrote recently that companies using Bank of America’s CashPro platform will now be able to sign in using their mobile devices, through scanning a QR code.
“QR sign-in is a technology that’s familiar to our clients from their personal lives, and now they can use it to seamlessly access CashPro, ” Durkin said in the release.
See More In: API, api services, application programming interface, Bank of America, bundle payments, CashPro, Digital Banking, Digital Payments, News, payment types, payments, What's HotNEW YORK , Sept. 26, 2022 // -- Bank of America today announced the launch of QR sign-in for CashPro, a development that makes it easier for companies to access their payments, cash management and trade finance operations. The bank's 500, 000 CashPro users now have the option to sign into the website using their mobile device by scanning a QR code and their biometrics via the CashPro App, replacing the need to manually enter password credentials.
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With their mobile device, a user scans the QR code that is presented on the Online screen, after which the user scans their biometrics to log in.
QR sign-in is a technology that's familiar to our clients from their personal lives, and now they can use it to seamlessly access CashPro, said Tom Durkin, global product head for CashPro Platform in Global Transaction Services (GTS). The technology kicks off a schedule of enhancements we plan to introduce to CashPro over the next 18 months that will further improve the simplicity and security of our award-winning platform.
Mobile authentication is a natural extension of the ubiquitous worldwide adoption of mobile devices and the increasing comfort clients have in using them for business purposes. QR sign-in is powered by patented technology that allows a mobile device to be used as a method for computer authentication. It is the first of a series of enhancements for CashPro aimed at reducing the reliance on traditional forms of user credentials and making the user experience simpler and more secure.
Watch Out For These Ongoing Bank Of America Phishing Campaigns Targeting Customers In The Us
Bank of America listens carefully to its client users through the CashPro Client Advisory Boards that represent companies of varying size and complexity as the bank designs and implements new security and innovation features. The CashPro Advisory Boards generate invaluable dialogue that help ensure the enhancements we make to the platform fuel our clients' own growth objectives, said Ken Ullmann, co-head of GTS for Global Commercial Banking at Bank of America. QR sign-in is the latest example of the collaboration achieved through the Advisory Boards.
Bank of America has been named the World's Best Bank for Payments and Treasury by Euromoneymagazine for the past two years. Additionally, CashProand the CashPro App consistently receive third party recognition such as:
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, 000 retail financial centers, approximately 16, 000 ATMs and award-winning digital banking with approximately 55 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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Bank of America is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2022 Bank of America Corporation. All rights reserved.
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With their mobile device, a user scans the QR code that is presented on the Online screen, after which the user scans their biometrics to log in.
QR sign-in is a technology that's familiar to our clients from their personal lives, and now they can use it to seamlessly access CashPro, said Tom Durkin, global product head for CashPro Platform in Global Transaction Services (GTS). The technology kicks off a schedule of enhancements we plan to introduce to CashPro over the next 18 months that will further improve the simplicity and security of our award-winning platform.
Mobile authentication is a natural extension of the ubiquitous worldwide adoption of mobile devices and the increasing comfort clients have in using them for business purposes. QR sign-in is powered by patented technology that allows a mobile device to be used as a method for computer authentication. It is the first of a series of enhancements for CashPro aimed at reducing the reliance on traditional forms of user credentials and making the user experience simpler and more secure.
Watch Out For These Ongoing Bank Of America Phishing Campaigns Targeting Customers In The Us
Bank of America listens carefully to its client users through the CashPro Client Advisory Boards that represent companies of varying size and complexity as the bank designs and implements new security and innovation features. The CashPro Advisory Boards generate invaluable dialogue that help ensure the enhancements we make to the platform fuel our clients' own growth objectives, said Ken Ullmann, co-head of GTS for Global Commercial Banking at Bank of America. QR sign-in is the latest example of the collaboration achieved through the Advisory Boards.
Bank of America has been named the World's Best Bank for Payments and Treasury by Euromoneymagazine for the past two years. Additionally, CashProand the CashPro App consistently receive third party recognition such as:
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, 000 retail financial centers, approximately 16, 000 ATMs and award-winning digital banking with approximately 55 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.
Bofa Enhances The Spreadsheet With Apis, Artificial Intelligence
Bank of America is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2022 Bank of America Corporation. All rights reserved.
By signing up you agree to receive content from us. Our newsletters contain tracking pixels to help us deliver unique content based on each subscriber's engagement and interests. For more information on how we will use your data to ensure we send you relevant content please visit our PRN Consumer Newsletter Privacy Notice. You can withdraw your consent at any time in the footer of every email you'll receive. Mit Ihrer Anmeldung erklären Sie sich damit einverstanden, Inhalte von uns zu erhalten. Unsere Newsletter enthalten Zählpixel, die die Lieferung einzigartiger Inhalte in Bezug auf das Abonnement und die Interessen der einzelnen Abonnenten ermöglichen. Weitere Informationen über die Verwendung Ihrer Daten im Hinblick auf die Zusendung von relevanten Inhalten, finden Sie in unserer PRN Consumer Newsletter Privacy Notice. Ihre Zustimmung können Sie jederzeit in der Fußzeile jeder erhaltenen E-Mail widerrufen. En vous inscrivant à la newsletter, vous consentez à la réception de contenus de notre part. Notre newsletter contient des pixels espions nous permettant la fourniture à chaque abonné, d’un contenu unique en lien avec ses souscriptions et intérêts. Pour de plus amples informations sur l’utilisation faite de vos données en vue de l’envoi des contenus concernés, nous vous invitons à consulter la politique de confidentialité disponible à partir du lien suivant PRN Consumer Newsletter Privacy Notice. Vous pouvez à tout moment revenir sur votre consentement par le biais des informations situées au bas de chaque e-mail reçu. Регистрирайки се, Вие се съгласявате да получавате информационно съдържание от нас. Нашите бюлетини съдържат проследяващи пиксели, които ни помагат да предоставяме уникално съдържание въз основа на ангажираността и интересите на всеки абонат. За повече информация относно начина, по който ще използваме Вашите данни, за да гарантираме, че Ви изпращаме подходящо съдържание, моля, направете справка с нашето Уведомление за поверителност на потребителския бюлетин на PRN. Можете да оттеглите съгласието си по всяко време в долния колонтитул на всеки от имейлите, които ще получите.
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