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Bank of America today announced the launch of an expanded CashPro Payment API through which clients can access more than 350 payment types and bundle payments. The development comes as Application Programming Interfaces (APIs) continue to transform business-to-business (B2B) and business-to-consumer (B2C) transactions given the ability of APIs to provide real-time data, reduce costs and improve operational efficiencies.
Tom Durkin, global product head for CashPro Platform in Global Transaction Services (GTS) at Bank of America, said: “A significant feature of APIs is their ability to support 24/7 processing. We’re seeing that play out with our Payment API where 20% of the volume is being processed during the weekend. The enhanced API will give clients even more options to process payments in multiple jurisdictions and countries at any time of the day.
“The development is part of our multi-year digital strategy to make business easier and more secure.”
The breadth of capabilities of the enhanced CashPro Payment API spans:
- More than 350 payment types in 38 markets globally
- 7 real-time payments schemes and services such as Zelle in the U.S. and Pix in Brazil
- Domestic and cross-border wires
- Domestic ACH
- Local payment instruments such as Brazil Boletos
- Ability to execute payments in bundles, helping clients avoid or reduce backlogs in payment queues
“Through our single payment API, clients can disburse payments to hundreds of countries and get real-time data and information, helping to increase their business efficiency and competitive edge,” said Stephanie Wolf, head of Global Financial Institutions, Governments, Business Banking Sales, and Risk in GTS at Bank of America.
Citing an example of insurance claims, Wolf said, “Our API can be a bridge between an insurer’s system and the policyholder, disbursing funds digitally, and instantly provide access to funds following a claim, without the need to use checks.”
Bank of America’s suite of CashPro APIs includes more than a hundred APIs supporting payments and treasury operations. Clients can connect to them through the CashPro API Developer sandbox, which is designed to accelerate onboarding.
Clients can also access the APIs through one of the more than 28 Treasury Management System (TMS) and Enterprise Resource Planning (ERP) platforms that are integrated into Bank of America’s platform.