Dive Brief:
- Bank of America’s corporate clients will have successfully passed about $1 trillion in payments via the company’s mobile treasury management app by the end of this year, according to a Tuesday press release.
- That will be a 25% jump in “approved” payments on the app over last year, continuing a steady climb from 2022, as well. The bank’s corporate users sent $802 billion in payments over the app last year, up 24% from $648 billion in payments in 2022, the release said.
- Some 40,000 companies globally, with 550,0000 users, tap the app to oversee payments, loans, deposits and trade finance transactions, the bank said.
Dive Insight:
Bank of America launched the treasury management app in 2018, and the COVID-19 pandemic accelerated its adoption, because the health crisis turned it into “a business continuity tool,” Jennifer Sanctis, product head of the CashPro app and personalized technologies at BofA’s global payment solutions unit, said in June.
The app, which allows for mobile payments, is part of a broader CashPro digital banking and payments platform.
Following the initial rollout, Bank of America has added new features to the app to help customers manage their payments. The bank added chat capabilities in September 2023 and introduced an analytics tool in January. It later launched a feature that lets users inquire about the status of transactions.
As of June, the company had plans to pour $3.8 billion into new technology initiatives this year, but it declined to say how much it’s spending on the app, according to earlier Payments Dive report.
The app tool has security features that require levels of approvals prior to releasing payments. The bank typically experiences the highest volume and value of payment authorized on the app this month because of year-end activities and travel during the holiday season, the release said.
The mobile app “plays an instrumental role in helping our clients manage their business, particularly when it comes to payments,” Tom Durkin, the bank’s head of CashPro, said in a statement, noting the “convenience, control and transparency” the bank believes the tool provides clients.
