Bank of America (BofA) has announced an expansion of its digital banking platform CashPro’s Payment API capabilities, letting clients access hundreds of more payment types and the ability to bundle payments, a press release said.
The company said APIs have continued to move things forward for B2B and B2C transactions, providing real-time data, cutting costs and streamlining efficiencies.
The release noted some of the benefits of the CashPro expansion — there will be over 350 payment types, seven real-time payment schemes and services, domestic and cross-border wires, domestic ACH, local payment instrument availability and the ability to execute payments in bundles.
“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 BofA. “The development is part of our multi-year digital strategy to make business easier and more secure.”
And Stephanie Wolf, head of Global Financial Institutions, Governments, Business Banking Sales, and Risk in GTS at BofA, said clients will be able to add business efficiency and competitive edge through the API.
“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,” she said.
PYMNTS also wrote recently that companies using Bank of America’s CashPro platform will now be able to sign in using their mobile devices, through scanning a QR code.
Read more: Bank of America’s CashPro App Adds QR Code, Biometrics to Ease Sign-In
That will make it so the 500,000 users of the digital banking platform don’t have to manually enter their password credentials.
“QR sign-in is a technology that’s familiar to our clients from their personal lives, and now they can use it to seamlessly access CashPro,” Durkin said in the release.
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A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking services, just 9.3% call them their primary bank.
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