Bank of America Merrill Lynch announced the addition of three major new applications for its global treasury management and online banking channel, CashPro Online, making it easier, simpler and more convenient for commercial and corporate clients to perform routine transactions and make informed business decisions.
The new CashPro Online offerings are:
CashPro Payments- a global payments hub with a sophisticated payment infrastructure that unifies the connectivity for clients around the globe.
CashPro InformationReporting – dynamic, non-static reporting functionality that serves as business intelligence, helping clients actively analyze and research their financial transactions and position.
CashPro Mobile- an enabler for clients to easily take action on their accounts while on the go.
“Since its introduction two years ago, CashPro Online has transformed the way our clients interact with us,” said Cindy Murray, head of Global Treasury Product Infrastructure, Platforms and eCommerce. “Our introduction of new payments, information reporting and mobile services provides a quantum leap forward in how CashPro Online can help clients spend less time gathering basic bank account data and more time using that data to make business critical decisions.”
Through CashPro Payments, clients can initiate several different types of payments, such as wire transfers, automated clearinghouse transactions and internal transfers, through a single application. User-defined fields increase the amount of information that may be included with the payment to better facilitate payment application and reconciliation. Beneficiary advising enables users to generate an e-mail to the beneficiary from within the payments service to provide additional remittance information. “Sticky notes” enables clients to attach additional information about the payment to the transaction for later reference.
“CashPro Payments is our highly advanced e-payment solution, operating across countries, currencies and payment types,” said Milton Santiago, head of Global Treasury Product Portal Strategy. “Our early adopters have been very pleased with its usability, workflow, flexibility and use of straight-through processing, which includes online validation tools that simplify creation of payments destined for other countries, automatically routing them through the most appropriate payment clearing system.”
With CashPro Information Reporting, clients can obtain balance, summary and high-level transaction details to manage cash positions on a previous-day or current-day basis and to post to general ledger systems. They can retrieve information for virtually all accounts worldwide, including at other banks, in one place and on the same report. Research tools help clients search for transactions across their accounts. Customizable reports enable clients to manipulate the data into the format most helpful to them.
CashPro Mobile leverages the technology platform of Payments and Information Reporting to provide clients streamlined access to a critical set of CashPro Online capabilities – functions that a client advisory panel indicated were most important for mobile usage. Clients select which accounts they want to view and can take action, such as approving payments and account user access authority, while on the go.
All three new CashPro Online offerings are available to new clients. Transition of existing clients is expected to be completed over the next several months.