Bank of America Merrill Lynch (BAML) has added fingerprint and facial recognition to its cash and payments banking application, CashPro Mobile. An integrated token allows corporate treasurers to quickly and securely access the application and complete payment approvals. According to the bank, the platform's users number more than 475,000, including the bank’s commercial, large corporate and business banking clients. More than 28,000 payment approvals were made through the app in the first quarter of 2018 – an increase of 188 per cent on the same period in 2017.
The bank's Hubert Jolly explained that the use of banking apps in the personal sphere has a huge influence over treasurers' expectations for professional treasury platforms: “Many factors are at play in the growth of mobile adoption and the demand for more robust features in mobile apps. 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.”
The platform's integrated token means that users no longer need to go through a separate security process, such as using a separate token app or a physical token. The secure biometric authentication through fingerprint or facial recognition offers a simplified sign-on experience, providing stronger security than passwords provide today, according to the bank.
And BAML's Tom Durkin added: “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. We’re excited to optimize the experience with our enhanced CashPro Mobile app, and look forward to introducing even more capabilities later this year.”
See below for a screen shot of the enhanced CashPro Mobile application:
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