Bank of America Merrill Lynch today announced the addition of three major new applications for its global treasury management and online banking channel, CashPro® Online, making it easier, simpler and more convenient for commercial and corporate clients to perform routine transactions and make informed business decisions.
The new CashPro Online offerings are:
- CashPro Payments – a global payments hub with a sophisticated payment infrastructure that unifies the connectivity for clients around the globe.
- CashPro Information Reporting – dynamic, non-static reporting functionality that serves as business intelligence, helping clients actively analyze and research their financial transactions and position.
- CashPro Mobile – an enabler for clients to easily take action on their accounts while on the go.
“Since its introduction two years ago, CashPro Online has transformed the way our clients interact with us,” said Cindy Murray, head of Global Treasury Product Infrastructure, Platforms and eCommerce. “Our introduction of new payments, information reporting and mobile services provides a quantum leap forward in how CashPro Online can help clients spend less time gathering basic bank account data and more time using that data to make business critical decisions.”
Through CashPro Payments, clients can initiate several different types of payments, such as wire transfers, automated clearinghouse transactions and internal transfers, through a single application. User-defined fields increase the amount of information that may be included with the payment to better facilitate payment application and reconciliation. Beneficiary advising enables users to generate an e-mail to the beneficiary from within the payments service to provide additional remittance information. “Sticky notes” enables clients to attach additional information about the payment to the transaction for later reference.
“CashPro Payments is our highly advanced e-payment solution, operating across countries, currencies and payment types,” said Milton Santiago, head of Global Treasury Product Portal Strategy. “Our early adopters have been very pleased with its usability, workflow, flexibility and use of straight-through processing, which includes online validation tools that simplify creation of payments destined for other countries, automatically routing them through the most appropriate payment clearing system.”
With CashPro Information Reporting, clients can obtain balance, summary and high-level transaction details to manage cash positions on a previous-day or current-day basis and to post to general ledger systems. They can retrieve information for virtually all accounts worldwide, including at other banks, in one place and on the same report. Research tools help clients search for transactions across their accounts. Customizable reports enable clients to manipulate the data into the format most helpful to them.
CashPro Mobile leverages the technology platform of Payments and Information Reporting to provide clients streamlined access to a critical set of CashPro Online capabilities – functions that a client advisory panel indicated were most important for mobile usage. Clients select which accounts they want to view and can take action, such as approving payments and account user access authority, while on the go.
All three new CashPro Online offerings are available to new clients. Transition of existing clients is expected to be completed over the next several months.
Bank of America
Bank of America is one of the world's largest 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 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,750 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in 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 owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
Copyright 2011 Bank of America Corporation.
For more Bank of America news, visit the Bank of America newsroom.
Contacts:
Will Wilson, Bank of America Merrill Lynch,
1.980.388.3360
will.wilson@bankofamerica.com
