Bank of America’s CashPro corporate payments app processed $500 billion through the first half of the year, a 40% increase from a year ago.
Business banking apps have increasingly adopted mobile-friendly features similar to those in consumer online banking apps. This ease-of-use has helped mobile business banking apps gain massive popularity, and Bank of America expects CashPro to reach $1 trillion in payments volume by the end of the year.
“This volume of payment approvals via our CashPro App reflects a shift in client behavior and digital banking expectations over the last few years,” said Jennifer Sanctis, head of CashPro App at Bank of America in a prepared statement. “The app’s innovative design offers a convenient and secure client experience through which users can approve and validate payments and monitor account activity from anywhere and at any time of day.”
Increasingly Remote
The demand for business mobile banking services accelerated during the pandemic, and these solutions have since become essential for increasingly remote . Apps like CashPro offer business owners a way to monitor their payments, deposits, loans, and other financial transactions directly from their mobile device.
According to Bank of America, CashPro has become a leading corporate mobile app worldwide, with 550,000 users across 40,000 companies. The app supports payments initiated online, through the app itself, and via APIs and file-based transactions.
The bank’s corporate clients routinely process single payments exceeding $500 million through the app, Bank of America reported. The platform also allows businesses to layer additional security measures before authorizing payments.
Dramatic Effects
Bank of America’s corporate mobile banking solution is part of a broader trend toward modernizing business payments, which can have dramatic impacts on merchants.
As James Richardson, Head of Global Product Solutions at Bottomline, said in a recent PaymentsJournal podcast: “Generally speaking, corporates believe there are smarter ways of solving for business payments than the technology that’s accessible to them provides. They’re rationalizing their vendor relationships and looking for more meaningful strategic partnerships to help them streamline business payments.”