NEW YORK CITY – Bank of America Merrill Lynch today announced enhancements to CashPro Mobile, including the addition of fingerprint and facial recognition and an embedded token that allows users to quickly and securely access the application and complete payment approvals.
Companies use the CashPro banking platform to manage their everyday treasury needs. The platform has more than 475,000 active users among the bank’s commercial, large corporate, and business banking clients. The mobile app’s popularity is growing, with more than 28,000 payment approvals made via CashPro Mobile in the first quarter of 2018 – a jump of 188 percent from the same period in 2017.
“Many factors are at play in the growth of mobile adoption and the demand for more robust features in mobile apps,” explained Hubert J.P. Jolly, head of financing and channels for Global Transaction Services (GTS) at BofA Merrill. “Top among them is the expectation treasurers bring from conducting mobile banking for their personal finances. The new features on CashPro Mobile allow corporate treasurers to conduct their business banking anywhere, anytime, in a secure, more simplified way.”
With CashPro Mobile’s integrated token feature, users no longer have to jump between the mobile app or token app or carry their physical token. The secure biometric authentication through fingerprint or facial recognition offers a simplified sign-on experience, providing stronger security than passwords provide today.
“Mobile’s ease of use and security features make it the ideal channel for corporate treasurers to access their cash and treasury information on a 24/7 basis,” said Tom Durkin, head of Global Digital Channels in GTS at BofA Merrill. “We’re excited to optimize the experience with our enhanced CashPro Mobile app, and look forward to introducing even more capabilities later this year.”
Today’s announcement is the latest investment in mobility and CashPro as a platform. BofA Merrill was the first bank to introduce integrated mobile check deposit and digital tokenization to the mobile experience. Additionally, last year, the bank introduced CashPro Assistant, a tool that uses artificial intelligence and predictive analytic capabilities to help commercial and corporate clients easily access and analyze their banking information.