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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC


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Bank of America : New CashPro® Capabilities Help Accelerate Digital Transformation for Companies Around the World

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10/21/2019 | 11:04am EST

Bank of America is leading the future of digital transformation with its continued investment in CashPro®, the platform used by thousands of businesses around the world to manage payments, receivables and deposits. Today, the bank is introducing a series of new capabilities that increase efficiency, transparency and mobility for business customers. These updates are making business easier for the bank's clients:

- Digitized KYC (Know-Your-Customer) Refresh. One of the biggest pain points for business customers is completing the paper-intensive and time-consuming task of the periodic KYC Refresh. To help improve the experience, the bank has digitized the process within CashPro Assistant. Companies can now upload the required documentation to the platform, replacing numerous emails. CashPro Assistant users can also view an up-to-date request status, document status and communications from the bank.1

- Electronic signature in EMEA. The convenient eSignature capability will be an option for clients located in 20 countries across EMEA. Through CashPro Assistant, which is accessible online or through the mobile app, users can view and sign documents, delivering greater convenience and efficiency. Bank of America first introduced eSignature in 2017 for documents relating to accounts in North America.1

- U.S. real-time payments. Clients can now originate real-time payments from the same platform they use for all payment requests. Clients can also receive alerts to support these payments, such as when a recipient acknowledges receipt of payment.

- Robust capabilities on mobile app. The new enhancements to CashPro Mobile give CFOs and treasurers the ability to do their banking anywhere, anytime:

- Assistant capabilities that let users view, sign, and share documents.2

- Automated clearing house (ACH) payments can now be approved via the mobile app. These low-value and high-volume payments have grown exponentially in recent years, generating the need for CFOs and treasurers to be able to approve them at any time of the day.

- Expanded self-service menu allows users to change passwords and perform other tasks that mimic personal banking functionality.

"Critical to becoming a customer-first bank is shedding light on banking processes, empowering the customer in these processes, and doing as much of the work as possible on behalf of the customer. By delivering more transparency and control to end-users, banks will achieve a new level of trust and deepen client relationships," said Alenka Grealish, senior banking analyst at Celent.

"We greatly appreciate the close dialogue we have with our clients," said Hubert J.P. Jolly, head of Global Commercial Banking Global Transaction Services (GTS) and GTS Channels at Bank of America. "That dialogue drives our success in introducing solutions that will make the biggest impact to our clients. These latest upgrades mean that clients can have the most critical workstation capabilities wherever they are - making their mobile devices even smarter and their lives easier."

These new enhancements are a result of the robust feedback loop that the bank has built over many years, most notably the CashPro Client Advisory Boards that include members of the bank's various client segments. Through the advisory boards, the voice-of-the-client surveys, the in-app feedback tool, and the mobile community, the bank is always listening, always refining and always delivering.

In 2019, the bank has continued to introduce enhancements to CashPro Mobile and earlier this year integrated Apple Watch capabilities into the CashPro platform.

Bank of America has been named "Best Digital Bank" in North America by Euromoney magazine for two consecutive years, and its leadership in digital banking for businesses is centered on its CashPro platform where users manage their everyday treasury and lending needs. CashPro has approximately 500,000 users among the bank's corporate, commercial, and business banking clients.

1 Not all capabilities are available in all countries. Clients should contact their salesperson for more information.

2 eSignature is currently only available in the U.S. and Canada. Document share is available in all regions.

3 Euromoney Awards for Excellence, 2018 and 2019

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 2,400 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 1,700 business centers; approximately 16,600 ATMs; and award-winning digital banking with nearly 38 million active users, including approximately 29 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" and "BofA Securities" are the marketing names used by the Global Banking and Global Markets divisions 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. Trading in securities and financial instruments, and 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, BofA Securities, Inc. 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. BofA Securities, Inc. 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. All rights reserved. Investment products offered by Investment Banking Affiliates:

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

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom.



Reporters May Contact:

Louise Hennessy, Bank of America, 415.913.3641



(C) 2019 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2019 91 774 M
EBIT 2019 36 629 M
Net income 2019 25 583 M
Debt 2019 -
Yield 2019 1,99%
P/E ratio 2019 12,3x
P/E ratio 2020 11,1x
Capi. / Sales2019 3,25x
Capi. / Sales2020 3,26x
Capitalization 298 B
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Technical analysis trends BANK OF AMERICA CORPORATIO
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 33,57  $
Last Close Price 33,18  $
Spread / Highest target 35,6%
Spread / Average Target 1,19%
Spread / Lowest Target -15,6%
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