Bank of America has implemented a transaction search engine in its CashPro banking platform.
In a press release from the mentioned financial institution, which is one of the largest in the United States, it is noted that in the context of solving tasks such as searching and analyzing financial information and taking appropriate measures, corporate finance departments, treasurers, and CFO’s expect the same simplicity and the same convenience as when managing personal funds.
To meet the specified consumer demand, Bank of America has added a set of Data Intelligence tools to CashPro. The mentioned tools allow companies to get information about their treasury operations and processes.
Christian Stolcke, head of financial institutions, NBFIs, and governments in global payments solutions (GPS) at Bank of America, says that CashPro Search significantly saves time for customers who have used it 7 million times since its initial implementation. In this context, it was also noted that within a few seconds, the tool searches through multiple accounts and apps to find a business transaction.
CashPro Search allows customers to request information about transactions to validate the status or details of payment, including domestic or international wires, Automated Clearing House (ACH) transactions, real-time payments, and even incoming foreign currency credit transactions or loan proceeds.
The data received as a result of the transaction request is automatically routed to the service team. Customers can monitor the progress of the resolution, get status updates in real time, and view correspondence from a beneficiary’s bank.
As we have reported earlier, Bank of America CEO Says About US Consumers and Businesses Cautious on Spending.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
