Bank of America’s CashPro app set to hit $1t in payment approvals

The platform is reportedly used by around 40,000 companies globally.

Bank of America (BofA) said that its CashPro App will have made over $1t in payment approvals by the end of 2024.

In a press release, the bank said that this equates to a 25% year-on-year increase in payment approvals via the app.

The digital banking platform is now used by approximately 550,000 users from 40,000 companies across the world. It allows them to monitor their payments, deposits, loans, and trade finance transactions.

Surpassing the trillion-dollar milestone “illustrates the value clients gain from the convenience, control, and transparency of payment approvals,” said Tom Durkin, global head of CashPro in Global Payment Solutions (GPS) at BofA.