Bank of America has added a transaction search engine to its CashPro banking platform.
“When it comes to finding, analyzing and acting on their company’s financial information, corporate finance departments, treasurers and CFOs expect the same ease and convenience they enjoy while managing their personal finances,” the banking giant said in a news release Thursday (July 11).
To that end, BofA has added these search functions to CashPro Data Intelligence, a suite of tools that lets companies glean insights into their treasury operations and processes.
“CashPro Search is a major time saver for our clients who’ve used it 7 million times since it was initially deployed,” said Christian Stolcke, head of financial institutions, NBFIs and governments in global payments solutions (GPS) at Bank of America. “Within seconds, the tool searches across multiple accounts and applications to find a business transaction.”
According to the release, CashPro Search lets clients inquire about transactions to validate the status or details of a payment, including domestic or international wires, Automated Clearing House (ACH) payments, real-time payments, and even incoming foreign exchange credit transactions or loan proceeds.
The data captured from the transaction inquiry is automatically routed to the service team. Clients can track the progress of the resolution and get real-time status updates and even view correspondence from a beneficiary’s bank.
“Win-win may be an overused phrase, but it’s the perfect way to describe the benefits of CashPro Search with Investigations,” said Abbey Novack, CashPro product executive in GPS at Bank of America. “We’ve significantly streamlined service requests, so that rather than picking up the phone or having to send an email, a client can directly initiate and track their request within CashPro.”
The debut of CashPro Search follows the introduction of an analytics tool dubbed CashPro Insights earlier this year. As covered here, this tool is designed to let the bank’s corporate and commercial customers derive insights to make more informed treasury decisions.
“In treasury and cash management, data continues to be an untapped resource that has the potential to reveal trends, weaknesses or opportunities,” Jennifer Sanctis, head of CashPro App, said in a news release. “This potential can only be realized when data is thoughtfully organized and analyzed, which is the key objective of CashPro Insights.”
Among the features is the Security Insight, a “security meter” that assesses and then makes recommendations on how users can upgrade their security controls.
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