In a move set to transform treasury decision-making, Bank of America has introduced CashPro Insights, a digital tool designed to analyze data within the CashPro platform. This innovative offering provides clients with data-driven intelligence, enabling them to make well-informed treasury decisions, leading to enhanced cost savings and efficiencies.

CashPro, Bank of America’s digital banking platform utilized by over 40,000 corporate and commercial clients globally, plays a pivotal role in managing treasury, trade, and credit operations, along with facilitating self-service requests. CashPro Insights marks the latest addition to the CashPro Data Intelligence product suite, complementing existing tools like CashPro Forecasting and CashPro Search.

Throughout 2023, the CashPro platform successfully processed 340 million client payments, reflecting an impressive 8% YoY increase. Each transaction carried a substantial amount of transactional data, forming a valuable resource.

Jennifer Sanctis, head of the CashPro App and Personalized Technologies, Global Transaction Services (GTS) at Bank of America, emphasized the significance of unlocking the potential within treasury and cash management data. She stated, “In treasury and cash management, data continues to be an untapped resource that has the potential to reveal trends, weaknesses, or opportunities. This potential can only be realized when data is thoughtfully organized and analyzed, which is the key objective of CashPro Insights.”

CashPro Insights offers various features, with Security Insight being one of the initial offerings available through the CashPro App. This tool, displayed as a ‘security meter,’ assesses user security controls and provides recommendations for improvement. Users can seamlessly execute recommended tasks within the platform through the “CashPro Click to Action” commands.

Angela Brown, Assistant Treasurer at Continental, praised the capabilities of CashPro Insights, highlighting its efficiency in accessing valuable data. She said, “The amount of data we can now tap into using CashPro Insights is jaw-dropping. We had been creating these KPIs internally, and it took us many steps to get to these same valuable data points. Now they are right at our fingertips.”

Jay Davenport, global co-head of Corporate Sales in GTS at Bank of America, shared his enthusiasm, noting that CashPro Insights, alongside other tools in the CashPro Data Intelligence suite, are game-changers. They empower clients with powerful, predictive tools to stay competitive and achieve strategic goals. The tool segments client data, offering valuable insights for faster responses, proactive decision-making, and visualizing operations effectively. It includes industry benchmarks, deposit balance notifications, dynamic graphical representations, and measurements for assessing payment efficiency, supplier payment optimization, strategic cross-border payment flows, and account fraud protection.

Bank of America plans to expand CashPro Insights to other banking services, extending its transformative capabilities across various financial functions, such as CashPro Receivables and Merchant Services.