Enhanced API Also Supports Bundled
Payments
NEW
YORK, Oct. 11, 2022 /PRNewswire/ -- Bank of
America today announced the launch of an expanded CashPro Payment
API through which clients can access more than 350 payment types
and bundle payments. The development comes as Application
Programming Interfaces (APIs) continue to transform
business-to-business (B2B) and business-to-consumer (B2C)
transactions given the ability of APIs to provide real-time data,
reduce costs and improve operational efficiencies.
"A significant feature of APIs is their ability to support 24/7
processing. We're seeing that play out with our Payment API where
20% of the volume is being processed during the weekend. The
enhanced API will give clients even more options to process
payments in multiple jurisdictions and countries at any time of the
day," said Tom Durkin, global
product head for CashPro Platform in Global Transaction Services
(GTS) at Bank of America. "The development is part of our
multi-year digital strategy to make business easier and more
secure."
The breadth of capabilities of the enhanced CashPro Payment API
spans:
- More than 350 payment types in 38 markets globally
- 7 real-time payments schemes and services such as Zelle in the
U.S. and Pix in Brazil
- Domestic and cross-border wires
- Domestic ACH
- Local payment instruments such as Brazil Boletos
- Ability to execute payments in bundles, helping clients avoid
or reduce backlogs in payment queues
"Through our single payment API, clients can disburse payments
to hundreds of countries and get real-time data and information,
helping to increase their business efficiency and competitive
edge," said Stephanie Wolf, head of
Global Financial Institutions, Governments, Business Banking Sales,
and Risk in GTS at Bank of America. Citing an example of insurance
claims, Wolf said, "Our API can be a bridge between an insurer's
system and the policyholder, disbursing funds digitally, and
instantly provide access to funds following a claim, without the
need to use checks."
Bank of America's suite of CashPro APIs includes more than
a hundred APIs supporting payments and treasury operations. Clients
can connect to them through the CashPro API Developer sandbox,
which is designed to accelerate onboarding. Clients can also access
the APIs through one of the more than 28 Treasury Management System
(TMS) and Enterprise Resource Planning (ERP) platforms that are
integrated into Bank of America's platform.
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,
approximately 17,000 ATMs, and award-winning digital banking with
approximately 41 million active users, including approximately 32
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.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of
America newsroom and register for news email alerts.
www.bankofamerica.com
Reporters May Contact:
Louise
Hennessy, Bank of America
Phone:
1.646.858.6471
louise.hennessy@bofa.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bank-of-america-expands-its-cashpro-payment-api-capability-to-over-350-payment-types-301645288.html
SOURCE Bank of America Corporation