Bank of America Merrill Lynch has rolled out three new modules for CashPro Online, the bank's treasury management and online banking platform: CashPro Payments, CashPro InformationReporting and CashPro Mobile.
CashPro Payments lets clients initiate different types of payments, like wire transfers and ACH payments, via a single application. The new module supports more than 200 payment formats and incorporates a global payments hub, notes Cindy Murray, head of global treasury product infrastructure, platforms and ecommerce for B of A.
The payments hub has a rules engine with rules for each payment type, Murray says. The rules engine can let a customer know what repairs are needed on a payment file they're importing, she says, and when a client is making a payment, the rules engine provides payment options based on such factors as the time of day and the settlement date. “There's a lot of intelligence we built into the application,” Murray says.
CashPro Payments also has a feature that allows companies to attach more details to an electronic payment. “We have an e-mail advising capability so you can send to the beneficiary an e-mail advise and with that e-mail advise you can attach documents—a copy of the invoice or a spreadsheet with line-item details,” Murray says. “It enables our clients to pay any supplier electronically and provide the remittance detail through that attachment capability.”
CashPro InformationReporting gives B of A's customers access to information on their accounts worldwide, even those at other banks. And CashPro Mobile lets customers take certain actions via their mobile devices, such as approving payments and checking balances.
B of A is already working on the next upgrade to CashPro Online. “What's coming is going to be dashboard capabilities, so that we can give clients a quick view of the status of their payments, and that would also be available on the mobile device as well,” Murray says. “We'll present the payment analytics in a dashboard, and we'll give you access if you need to go in and approve anything, or go in and repair anything.”
CashPro Online's dashboard capabilities should be rolled out in the fourth quarter of 2012, she says.
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
