Bank of America has recently unveiled an intelligent transaction search tool with integrated investigation capabilities on its CashPro platform. This innovative feature is designed to simplify and streamline the financial management processes for corporate finance departments, treasurers, and CFOs, delivering the same level of convenience and efficiency that individuals experience with personal finance tools.
Enhancing Financial Management
CashPro, utilized by over 40,000 companies globally, manages a wide array of financial transactions including payments, deposits, loans, and trade finance activities. The new search tool, developed based on client feedback, is part of the broader CashPro Data Intelligence suite. This suite provides powerful tools that offer detailed insights into a company's treasury operations, improving overall financial management.
The intelligent transaction search tool significantly reduces the time required to find and analyze transactions. According to Christian Stolcke, head of Financial Institutions, NBFIs, and Governments in Global Payments Solutions at Bank of America, “CashPro Search is a major time saver for our clients who’ve used it 7 million times since it was initially deployed.” This tool can quickly search across multiple accounts and applications, providing comprehensive visibility into transactions, including details such as payment status, incoming and outgoing messages, Swift GPI tracking details, and images.
Integrated Investigation Capabilities
One of the standout features of the new search tool is its integrated investigation capabilities. Clients can now initiate transaction inquiries directly from the CashPro platform to validate payment statuses or details. These inquiries cover a range of transaction types, including domestic and international wires, Automated Clearing House (ACH) payments, real-time payments, and incoming FX credit transactions or loan proceeds. The data from these inquiries is automatically routed to the service team for resolution, allowing clients to track the progress and receive real-time updates.
Abbey Novack, CashPro Product Executive in Global Payments Solutions at Bank of America, highlighted the benefits of these capabilities, noting, “We've significantly streamlined service requests so that rather than picking up the phone or having to send an email, a client can directly initiate and track their request within CashPro.” This streamlining reduces the administrative burden on clients, allowing them to focus on more strategic financial tasks.
A Broader Suite of Tools
The intelligent transaction search tool is a part of CashPro's broader suite of tools aimed at enhancing financial operations. Since its launch in September 2023, CashPro Chat, enabled by Bank of America's Erica AI technology, has seen significant engagement from clients, with over 40% using the virtual assistant for quick access to account information and navigation assistance. Additionally, CashPro Insights, launched in January 2024, analyzes company data flowing through the platform to generate insights on how users can improve their operations and processes. The Security Insight feature, for instance, measures the robustness of a user's security controls.
CashPro Supply Chain Solutions, another component of the platform, offers digitization benefits with improved process efficiency and working capital optimization. The first module, Open Account Automation, launched in September 2023, addresses common global trade processes such as invoice approval and payment.
A Commitment to Innovation
Bank of America's introduction of these advanced tools on the CashPro platform underscores its commitment to innovation and client-centric solutions. The platform, which has garnered numerous patents, combines ease of use with broad, integrated functionality, making it a leader in the financial technology space. By continuously evolving its offerings based on client feedback, Bank of America ensures that CashPro remains a vital tool for businesses looking to enhance their financial operations and maintain a competitive edge in the marketplace.
