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BANK OF AMERICA

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Bank of America : Merrill Lynch Announces Apple Watch App to Be Integrated Into CashPro®

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05/14/2019 | 09:08am EDT

Bank of America Merrill Lynch has taken another step on its digital transformation journey with the introduction of Apple Watch capabilities into the CashPro ecosystem. With this development, CashPro Mobile users will be able to pair their Apple Watch with their mobile token and generate a one-time password, delivering even greater convenience by:

  • Making the security of a token available directly from Apple Watch.
  • Eliminating the need to keep a physical token.
  • Accelerating the ability to securely approve transactions.

Companies use the CashPro platform to manage their everyday treasury and lending needs. 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.

The addition of Apple Watch into CashPro follows a series of the bank's technology improvements to the mobile experience, beginning with the CashPro Mobile app itself in 2017. Bank of America was the first bank to introduce a digital token, and last year, the company integrated that feature into the CashPro Mobile app, eliminating the need for users to toggle between screens. Other recent investments include biometrics, simpler navigation, enhanced user interface, a personalized home view that allows clients to take action on their most critical to-do's, and the ability to send feedback directly from the app.

To generate the token, the CashPro app must be installed on Apple Watch.

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

With the physical to digital evolution of the token, we've introduced greater security.

'We're committed to expanding our digital capabilities,' said Julie Harris, head of Global Banking Digital Strategy at Bank of America Merrill Lynch. '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 in the firm's U.S. cash management study, where the bank achieved excellence in Digital Platform Design, Digital Product Capabilities, and Digital Platform Security Capabilities.

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 4,400 retail financial centers, including approximately 1,800 lending centers, 2,200 financial centers with a Consumer Investment Financial Solutions Advisor, and 1,500 business centers; approximately 16,400 ATMs; and award-winning digital banking with more than 37 million active users, including over 27 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 owners 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 Merrill Lynch' is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ('Investment Banking Affiliates'), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

© 2019 Bank of America Corporation. Investment products offered by Investment Banking Affiliates:

Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

Click links for further information for Australia, Brazil, Canada, India, Latin America.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom. Click here to register for news email alerts.

www.bankofamerica.com

###

Reporters May Contact:
Louise Hennessy, Bank of America, 415.913.3641
louise.hennessy@bankofamerica.com

Disclaimer

Bank of America Corporation published this content on 14 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 May 2019 13:07:07 UTC

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Financials ($)
Sales 2019 92 985 M
EBIT 2019 38 787 M
Net income 2019 27 180 M
Debt 2019 -
Yield 2019 2,44%
P/E ratio 2019 9,85
P/E ratio 2020 8,98
Capi. / Sales 2019 2,88x
Capi. / Sales 2020 2,81x
Capitalization 268 B
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Number of Analysts 32
Average target price 32,8 $
Spread / Average Target 16%
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Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant President-Global Product Solutions & CMO
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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