Bank of America launches 3 APIs to CashPro: advances real-time treasury

By Pavithra R

Bank of America, a leading financial institutions, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services has announced the launch of 3 new APIs (application programming interface), connected through CashPro to support the increasing demand for real-time information and processing in corporate treasury.

API enables to directly connect different systems and allow for the exchange of data between them in real or near-real-time. The bank’s APIs are free to clients using CashPro. The three new APIs developed in direct response to client feedback include:

• FX settlement: Clients can directly manage cross-border payments, either initiating a single cross-currency FX payment or bundling payments into one foreign exchange settlement.
• Retrieval of check images: To assist with account reconciliation, clients can now directly retrieve multiple images of checks that have been posted to their account.
• CashPro reporting: Through this API, treasury teams can access reports seamlessly and optimize the power of their data.

“APIs are rapidly transforming B2B and B2C digital transactions. Using APIs, clients can improve their interaction with us and receive essential data needed for reconciliation and forecasting more quickly. They can transact instantly and get up-to-the-minute account information without leaving their enterprise systems,” said Tom Durkin, global product head for CashPro.

The bank’s suite of APIs on CashPro spans eight categories (CashPro Payments, featuring real-time payments such as PayPal, Zelle and ACH, CashPro Information Reporting, Push notifications, Commercial Card, Bond trading and prime brokerage, Boleto Bancário, Check services, and Foreign exchange) and clients of all sizes are availing themselves of the enhanced connectivity. 

“With CashPro APIs, we’re helping our clients bring banking information and daily operations even closer together. Our clients can transact and see real-time banking data directly from their own enterprise software, giving them an advantage in the digital, always-on economy,” said Stephanie Wolf, head of Global Financial Institutions, Governments and Business Banking Sales in Global Transaction Services (GTS) at Bank of America.

The bank has plans to add more APIs to support additional payment types and other treasury needs and advance straight-through processing in all areas of clients’ corporate treasury operations in the coming months.