Bank of America has announced the launch of a new data-driven treasury management tool named CashPro Insights. CashPro Insights is integrated into the CashPro platform, and it is designed to improve the decision-making capabilities of clients managing their treasury, trade, and credit operations.

The platform, accessed by corporate and commercial clients globally, leverages data-driven intelligence to provide insights for informed treasury decisions thus driving cost savings and operational efficiencies. CashPro Insights is part of the broader CashPro Data Intelligence product suite, joining the existing CashPro Forecasting and CashPro Search tools. According to the official press release, in 2023, the CashPro platform facilitated 340 million client payments, reflecting an 8% year-over-year increase, each carrying substantial transactional data.

Representatives from CashPro App and Personalised Technologies at Global Transaction Services (GTS), Bank of America, highlighted the untapped potential of data in treasury and cash management. They also emphasised the importance of organising and analysing data, which is a primary objective of CashPro Insights. One of the initial features of CashPro Insights is the Security Insight, accessible through the CashPro App.

This tool, represented as a 'security meter,' evaluates and recommends improvements to user security controls. Users can directly execute recommended tasks within the platform using the 'CashPro Click to Action' commands. Bank of America representatives talked about this new product launch and described CashPro Insights and other tools in the CashPro Data Intelligence suite as transformative for clients.

In essence, these predictive tools aim to help companies to remain competitive and achieve strategic goals. More information about CashPro Insights CashPro Insights divides client data into manageable segments, delivering actionable insights for quicker response to events and proactive decision-making. Some of its main features include industry benchmarks, deposit balance notifications, dynamic graphical representations, and measurements for payment efficiency, supplier payment optimisation, cross-border payment flows, and account fraud protection.

The official press release further details that Bank of America plans to extend CashPro Insights to other banking services, such as CashPro Receivables and Merchant Services. The introduction of CashPro Insights adds to the series of digital product launches by Bank of America in treasury and transaction services, aligning with its commitment to advancing technological solutions for its clients. .