Empowering Treasury Management: Introducing BofA’s CashPro® Insights

• CashPro Insights: Data-driven tool empowering informed treasury decisions for 40,000+ clients worldwide.
• Features include Security Insight, industry benchmarks, graphical data representations for proactive decisions.
• Bank of America expands tool’s capabilities, transforming treasury and transaction services landscape.

Bank of America announced the launch of CashPro Insights, a digital tool that analyzes information flowing through the CashPro platform. Through data-driven intelligence, clients are presented with insights that empower them to make more informed treasury decisions and drive cost savings and efficiencies.

CashPro is Bank of America’s digital banking platform accessed by more than 40,000 corporate and commercial clients around the world to manage their treasury, trade and credit operations and perform self-service requests. CashPro Insights is the latest development of the CashPro Data Intelligence product suite, complementing CashPro Forecasting and CashPro Search.

The CashPro platform facilitated 340 million client payments in 2023 – an 8% increase year-over-year – with each one carrying a robust amount of transactional data.

“In treasury and cash management, data continues to be an untapped resource that has the potential to reveal trends, weaknesses or opportunities. This potential can only be realized when data is thoughtfully organized and analyzed, which is the key objective of CashPro Insights,” said Jennifer Sanctis, head of the CashPro App and Personalized Technologies, Global Transaction Services (GTS), Bank of America.

One of the first features of CashPro Insights, which is available through the CashPro App, is the Security Insight. Displayed as a ‘security meter’, the tool assesses and then makes recommendations on how a user can improve their security controls. Users will be able to complete a recommended task directly within the platform by simply clicking the “CashPro Click to Action” commands.

“The amount of data we can now tap into using CashPro Insights is jaw-dropping,” said Angela Brown, Assistant Treasurer, Continental. “We had been creating these KPIs internally and it took us many steps to get to these same valuable data points. Now they are right at our fingertips.”

“CashPro Insights together with other tools in the CashPro Data Intelligence suite are game changers for our clients. They are powerful, predictive tools that can help companies stay competitive and reach their strategic goals,” shared Jay Davenport, global co-head of Corporate Sales in GTS at Bank of America.

CashPro Insights breaks down a client’s data into digestible segments, delivering learnings that enable users to respond faster to events and make proactive business decisions. The tool provides:

• Industry benchmarks that compare a company’s working capital and payment efficiency to peers in the industry.
• Deposit balance notifications that alert the user when a balance is forecasted to fall above or below a predetermined threshold.
• Dynamic graphical representations of data that help clients better visualize their operations and where they need to take action.
• Measurements to help assess payment efficiency, supplier payment optimization, strategic cross border payment flows and account fraud protection.

Bank of America will continue to expand CashPro Insights to other banking services, such as CashPro Receivables and Merchant Services.

Backed by a team of innovators, Bank of America is a leader in treasury and transaction services. Over the last two years, the company has introduced several digital innovations including CashPro Chat, CashPro Supply Chain Solutions, CashPro Forecasting, and CashPro QR Sign-In.

Source: Bank of America