BankingCorporate to Bank RelationshipsBofA Merrill Lynch to integrate CashPro with Apple Watch

BofA Merrill Lynch to integrate CashPro with Apple Watch

Users can now have more options to digitally sign on to CashPro Mobile

Bank of America Merrill Lynch is integrating its corporate treasury platform, CashPro, with Apple Watch, to tokenize the wearable technology.

The development enables corporate users to obtain a one-time security token directly from their Apple Watch, negating the need for them to carry a physical token to log into the CashPro platform. Users must install the CashPro app on their Apple Watch to take advantage of the feature.

Another step on digital transformation journey

Tom Durkin, Head of Global Transaction Services (GTS) Channels at Bank of America Merrill Lynch said: “Many people still carry their physical token on a key chain along with other banking tokens, which are bulky.

“Now, executives will no longer have to worry about forgetting to take their physical token when they are on the go, travelling for work or vacation. They’ll have everything they need on their iPhone and Apple Watch.”

This development is another step on the company’s digital transformation journey as the company continues to focus on digitization.

A series of technology improvements

In another statement, Julie Harris, Head of Global Banking Digital Strategy at Bank of America Merrill Lynch, said: “We’re committed to expanding our digital capabilities.

“Mobility – which offers the convenience of banking anywhere, anytime – is a critical priority for our clients, and that means it’s a critical priority for us. With the CashPro app now available on Apple Watch, we’re pleased to continue our innovative improvements on how and when clients can access tokens.”

Recently, the bank received recognition from Greenwich Associates for excellence in Digital Platform Design, Digital Product Capabilities, and Digital Platform Security Capabilities. Greenwich Associates conducted 2,345 interviews across Europe with financial officers (e.g. CFOs, finance directors and treasurers) working for corporations with annual sales in excess of €500 million, including 540 with sales of at least €2 billion. According to the study, lower funding costs and commanding lead at digital platforms give U.S. banks an advantage as KYC is the biggest issue for treasury departments across Europe.

CashPro has more than 487,000 active users among the bank’s corporate, commercial, and business banking clients. The CashPro Mobile app’s popularity continues to grow. In the first quarter of 2019, clients used the app to approve more than 300,000 payments, representing over $30 billion in value, a jump of 904 percent from the same period in 2018.

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