Bank of America Introduces ACH Positive Pay on Its CashPro App

With business clients from Bank of America using mobile devices to manage their treasuries and payments more often, the bank is rolling out its new ACH Positive Pay on its CashPro App, according to a Thursday (March 10) press release.

Per the release, ACH Positive Pay is already available for business clients on the bank’s online version of CashPro. Now, clients will be able to review, approve and reject incoming transaction requests that come through the U.S. Automated Clearing House (ACH) via their mobile devices.

Additionally, clients will receive notifications of exceptions and make real-time decisions to pay or return the transactions.

All of this goes along with Nacha’s changes to the Same Day ACH limits that are scheduled to happen this month. That will let the value of same-day debits and credits go up to $1 million per transaction — far higher than the previous $100,000 limit.

“Without the proper controls in place, clients are open to significant risk when sizable ACH debits on their accounts can occur late in the day,” David Kretz, head of Global Payments and GTS Strategy in Global Transaction Services at Bank of America, said in the release. “With mobile access to ACH Positive Pay, clients can make time-sensitive decisions from any location and reduce their concerns about missing return deadlines.”

Payments approved on the CashPro App doubled last year to $384 billion, and Tom Durkin, global product head of CashPro in Global Transaction Services at Bank of America, said it was clear that the bank’s “clients increasingly trust the app to conduct every-day and critical cash management operations.”

PYMNTS wrote that Bank of America saw a 16% year over year increase in total consumer payments in February, hitting $294 billion.

Read more: BofA Consumer Payments Up 16% to $294B in February

The company also said consumer client payments had been up 5% from February 2020 through February 2021.

The company said it saw “a strong continuation of payment and spending trends in February, another positive sign of the strength of U.S. consumers,” according to Bank of America Head of Consumer and Small Business Products Mary Hines Droesch.