Bank of America has launched CashPro Insights, a new addition to the CashPro Data Intelligence product suite. This digital tool is designed to analyze data within the CashPro platform, enhancing the capabilities of both CashPro Forecasting and CashPro Search. It provides users with advanced insights into the information processed through the platform.
According to a press release by Bank of America, CashPro Insights analyzes a client's data and offers actionable insights that facilitate quicker responses to events and proactive decision-making. The tool includes features such as industry benchmarks for working capital and payment efficiency, deposit balance notifications, dynamic graphical representations of data, and measurements for assessing payment efficiency, supplier payment optimization, cross-border payment flows, and account fraud protection. The bank plans to extend CashPro Insights to other banking services like CashPro Receivables and Merchant Services in the future.
Jennifer Sanctis, head of the CashPro App and Personalized Technologies in Global Transaction Services (GTS) at Bank of America said in a press release: "In treasury and cash management, data continues to be an untapped resource that has the potential to reveal trends, weaknesses or opportunities. This potential can only be realized when data is thoughtfully organized and analyzed, which is the key objective of CashPro Insights."
Jay Davenport, global co-head of Corporate Sales in GTS at Bank of America shared similar sentiments in another press release: "CashPro Insights together with other tools in the CashPro Data Intelligence suite are game changers for our clients. They are powerful, predictive tools that can help companies stay competitive and reach their strategic goals."
According to information provided on its webpage by Bank of America, CashPro is a digital platform that enables users to manage payments, receipts, liquidity, investments, foreign exchange (FX), and trade. The platform provides connectivity through desktops, mobile apps, APIs (Application Programming Interfaces), and file transfers.