Thursday, 8 December 2022

Bank of America expands its CashPro payment API capability to over 350 payment types

5 min read

NEW YORK CITY, NY Bank of America today announced the launch of an expanded CashPro Payment API through which clients can access more than 350 payment types and bundle payments. The development comes as Application Programming Interfaces (APIs) continue to transform business-to-business (B2B) and business-to-consumer (B2C) transactions given the ability of APIs to provide real-time data, reduce costs and improve operational efficiencies.

“A significant feature of APIs is their ability to support 24/7 processing. We’re seeing that play out with our Payment API where 20% of the volume is being processed during the weekend. The enhanced API will give clients even more options to process payments in multiple jurisdictions and countries at any time of the day,” said Tom Durkin, global product head for CashPro Platform in Global Transaction Services (GTS) at Bank of America. “The development is part of our multi-year digital strategy to make business easier and more secure.”

The breadth of capabilities of the enhanced CashPro Payment API spans:

  •  More than 350 payment types in 38 markets globally
  •  7 real-time payments schemes and services such as Zelle in the U.S. and Pix in Brazil
  •  Domestic and cross-border wires
  •  Domestic ACH
  •  Local payment instruments such as Brazil Boletos
  •  Ability to execute payments in bundles, helping clients avoid or reduce backlogs in payment queues

“Through our single payment API, clients can disburse payments to hundreds of countries and get real-time data and information, helping to increase their business efficiency and competitive edge,” said Stephanie Wolf, head of Global Financial Institutions, Governments, Business Banking Sales, and Risk in GTS at Bank of America. Citing an example of insurance claims, Wolf said, “Our API can be a bridge between an insurer’s system and the policyholder, disbursing funds digitally, and instantly provide access to funds following a claim, without the need to use checks.”

Bank of America’s suite of CashPro APIs includes more than a hundred APIs supporting payments and treasury operations. Clients can connect to them through the CashPro API Developer sandbox, which is designed to accelerate onboarding. Clients can also access the APIs through one of the more than 28 Treasury Management System (TMS) and Enterprise Resource Planning (ERP) platforms that are integrated into Bank of America’s platform.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

“Bank of America” is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2022 Bank of America Corporation. All rights reserved.

 

Re-disseminated by The Asian Banker

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