Bank of America Launches Cash Forecasting Tool

Bank of America Corp. created a forecasting tool that allows businesses to better manage their use of cash. The service is designed for corporate and commercial clients using the lender’s CashPro app, according to executives.

The artificial intelligence and machine learning technologies in CashPro Forecasting can predict future cash positions across a company’s bank accounts, adjusting those analyses based on seasonality and operational needs specific to the company. Clients that currently have access to CashPro can begin using the forecasting tool immediately, as it is already integrated into the platform, according to Tom Durkin, global product head of CashPro global transaction services.

“The value of data is at an all-time high for companies that need a new way to focus on efficiency” during periods of transition and uncertainty, Durkin said. “We’re going into a rising-rates environment, so you need an effective tool that sets your cash position.”

Charlotte, North Carolina-based Bank of America has invested billions in technology in recent years. CashPro, which corporate banking clients use to manage everyday treasury and borrowing activities, has been in the market for more than a decade and has around 500,000 users, according to Durkin. Bank of America got the original technology through the acquisition of LaSalle Bank Corp.

“This is not a static product; it will continue to evolve,” Durkin said.

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