Bank of America has announced it is introducing a series of capabilities to its CashPro tool that are designed to increase efficiency, transparency and mobility for business customers.

Digitised KYC refresh

One of the biggest pain points for business customers is completing the paper-intensive and time-consuming task of the periodic Know Your Customer (KYC) refresh. To help improve the experience, 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. Not all capabilities are available in all countries.

Electronic signature in EMEA

The eSignature capability will be an option for clients located in 20 countries across EMEA. Through CashPro Assistant, which is accessible online or through the mobile app, users can view and sign documents, delivering greater convenience and efficiency. Bank of America first introduced eSignature in 2017 for documents relating to accounts in North America.

US real-time payments

Clients 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.

Mobile capabilities 

The enhancements to CashPro Mobile give CFOs and treasurers the ability to do their banking anywhere, anytime:

• Assistant capabilities that let users view, sign, and share documents.
• Automated clearing house (ACH) payments can now be approved via the mobile app. These low-value and high-volume payments have grown exponentially in recent years, generating the need for CFOs and treasurers to be able to approve them at any time of the day.
• Expanded self-service menu allows users to change passwords and perform other tasks that mimic personal banking functionality.

“Critical to becoming a customer-first bank is shedding light on banking processes, empowering the customer in these processes, and doing as much of the work as possible on behalf of the customer. By delivering more transparency and control to end-users, banks will achieve a new level of trust and deepen client relationships,” said Alenka Grealish, senior banking analyst at Celent.

“We greatly appreciate the close dialogue we have with our clients,” said Hubert J.P. Jolly, head of Global Commercial Banking Global Transaction Services (GTS) and GTS Channels at Bank of America. “That dialogue drives our success in introducing solutions that will make the biggest impact to our clients. These latest upgrades mean that clients can have the most critical workstation capabilities wherever they are - making their mobile devices even smarter and their lives easier.”