Bank of America’s CashPro App has been recognized by Celent, the global research and advisory firm for the financial services industry, as a winner of a Model Bank award for Corporate Digital Banking. Earlier this year, the CashPro App was also named Best Mobile Cash Management Software by Global Finance magazine, and Best Mobile Technology Solution by Treasury Management International.
“This industry recognition is a credit to many teams across the bank but also to our clients who partner with us on idea generation, design and feedback,” said Tom Durkin, global product head for CashPro Platform. “By making business easier, the CashPro App has become an essential offering to our clients.”
Client activity on the CashPro App has grown exponentially since its introduction in 2017 when the App processed just US$40 million in payment approvals. Last year, that figure was US$378 billion, with new records being broken on a weekly basis. In terms of client sign-ins, the App saw a 55% increase in 2021 from the year prior. The steep adoption signals the greater comfort and trust that clients have in using the App to manage a greater portion of their treasury needs.
Thousands of representatives from businesses around the world use the CashPro App to manage loans, deposits, payments and trade finance. In singling out the CashPro App from the competition, Celent’s Head of Corporate Banking Patricia Hines, noted its ability “to bring the convenience of mobile to cash management” and the bank’s “unrelenting focus on user experience and design, which differentiate the solution from its competitors.”
Celent and Global Finance also recognized the bank’s efforts to continually enhance the app, citing respectively: “eight major releases in 2021 alone,” when the bank delivered new capabilities that “reduced friction for clients forced by the pandemic to work remotely”, and that the bank “has sped product development as treasurers look to do more via apps.”
About the awards
- Celent’s annual award program recognizes financial institutions as ‘model banks’ for their outstanding technology initiatives. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.
- Global Finance’s annual award program, Best Treasury and Cash Management Providers 2022: Systems And Services, recognizes banks and fintechs that “showed agility in executing practical solutions to corporate treasury teams.”
- The annual Innovation and Excellence awards program from Treasury Management International (TMI) recognized banks, vendors, consultants and practitioners who are defining new frontiers and driving best practices in treasury management globally.