BofA sees 51% rise in API use for real-time treasury needs

Business clients are using APIs to simplify onboarding and accelerate transactions.

Bank of America (BofA) has seen a 51% increase in its clients using application programming interfaces (APIs) for real-time treasury needs over the last 12 months.

Business clients are using APIs to simplify onboarding processes and accelerate transaction speeds, BofA said in a statement.

“CFOs face enormous pressure to know their exposure and cash position at any given time,” said Tom Durkin, head of CashPro in Global Payments Solutions (GPS) at BofA. “APIs play a strategic role in positioning companies to act on information quickly, in a fully automated and secure manner.”

BofA’s APIs are available via CashPro, the bank’s digital banking platform. CashPro is currently used by 40,000 companies.