APIs Support Client Demand for Seamless FX Settlement, Check Image Retrieval, and Pulling Reports
NEW YORK--(BUSINESS WIRE)--Bank of America is supporting the increasing demand for real-time information and processing in corporate treasury with the launch of three new APIs (application programming interface). Connected through CashPro, the bank’s technology suite for companies, the new APIs support FX settlement, the retrieval of check images, and pulling reports.
The power of an API lies in its ability to directly connect different systems and allow for the exchange of data between them in real or near-real time. “With CashPro APIs, we’re helping our clients bring banking information and daily operations even closer together,” said Stephanie Wolf, head of Global Financial Institutions, Governments and Business Banking Sales in Global Transaction Services (GTS) at Bank of America. “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.”
“APIs are rapidly transforming B2B and B2C digital transactions,” said Tom Durkin, global product head for CashPro. “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.”
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.
- Check image retrieval: To assist with account reconciliation, clients can now directly retrieve multiple images of checks that have been posted to their account.
- CashPro reporting: Pulling and scheduling reports are among the most heavily used CashPro features. Through this API, treasury teams can access reports seamlessly and optimize the power of their data.
Today, the bank’s suite of APIs on CashPro spans eight categories (see below), and clients of all sizes are availing themselves of the enhanced connectivity. In the months to come, we’ll add even more APIs to support additional payment types and other treasury needs and advance straight-through processing in all areas of our clients’ corporate treasury operations.
Bank of America’s APIs:
- 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.
- Foreign exchange.
Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, 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. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,700 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,100 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
“Bank of America” is the marketing name used by certain Global Banking and Global Markets businesses of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. © 2020 Bank of America Corporation. All rights reserved.
Reporters May Contact:
Louise Hennessy, Bank of America, 1.646.858.6471