Bank of America adds functionality to business payments platform
Bank of America has announced that it has included a number of new capabilities in its CashPro platform, which is used by businesses to manage payments, receivables and deposits.
To take advantage of US real-time payments, corporates can now originate real-time payments from the same platform they use for all payment requests. Clients can also receive alerts to support these payments, such as when a recipient acknowledges receipt of payment.
A pain point for business customers is completing the manually intensive task of the periodic KYC Refresh. In response to this, the bank has digitised the process within CashPro Assistant. Companies can now upload the required documentation to the platform, replacing numerous emails. CashPro Assistant users can also view an up-to-date request status, document status and communications from the bank.
Another upgrade means that clients located in 20 countries across EMEA will be able to access the electronic signature capability. Through CashPro Assistant, which is accessible online or through the mobile app, users can view and sign documents. The bank initially launched this functionality in 2017 for documents relating to accounts in North America.
The CashPro Mobile app is also getting additional functionality, including assistant capabilities that let users view, sign, and share documents, while automated clearing house (ACH) payments can now be approved via the mobile app. The expanded self-service menu allows users to change passwords and perform other tasks that mimic personal banking functionality.