Bank of America’s CashPro Adds Tool for Validating Payments

Bank of America has launched a self-service tool for straight-through processing (STP) that accelerates payment file processing, thereby reducing delays and improving the client experience.

The new CashPro Validator eliminates a common source of delays by enabling business clients to self-serve on validating payments and file formats when implementing CashPro Connect payments, adding payment types or making changes to the treasury system, Bank of America said Wednesday (Nov. 30) in a press release emailed to PYMNTS.

“Clients expect fast and intuitive digital tools, and a straightforward experience means they can spend less time validating payments and focus on more strategic tasks,” Baris Kalay, head of corporate sales, Global Transaction Services (GTS) and Europe, the Middle East and Africa (EMEA) at Bank of America, said in the release.

In addition to reducing payment delays, CashPro Validator detects incorrect payment codes so clients can instantly fix them, delivers instant validation response, and provides clear descriptions of payment file errors, according to the release.

It also supports multiple payment types and formats so that it’s easy for clients to open local bank accounts as they expand into new countries, the release stated.

The tool is now available for the ISO 20022 format and will add more file formats over time, per the release.

“Our CashPro platform is embedded in the everyday lives of our clients who rely on its power and convenience to manage their payments, receivables and liquidity,” Meg Garand, CashPro product executive at Bank of America, said in the release. “CashPro Validator tool is another step towards our goal of making business easier.”

This announcement comes about six weeks after Bank of America expanded CashPro’s Payment API capabilities, letting clients access hundreds of more payment types and the ability to bundle payments.

It also comes about two months after the bank enabled companies that use CashPro for payments, cash management and trade finance operations to sign in to the website on their mobile device by using the CashPro app to scan a QR code and their biometrics.

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