BofA Adds ACH Positive Pay to the CashPro® App, Giving Customers Greater Control and Peace of Mind

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NEW YORK, March 10, 2022 /PRNewswire/ — Bank of America’s corporate customers are increasingly using mobile devices to manage payments and cash transactions, and to support this trend, the bank today announced the launch of ACH Positive Pay on its award-winning CashPro app.

ACH Positive Pay, which is already available to business customers on the bank’s online version of CashPro, allows customers to review and approve or reject incoming transaction requests (“exceptions”) processed by the US Automated Clearing House, or ACH. Now, customers can perform the same tasks through their mobile device, where they will receive exception notifications and be able to make real-time decisions to pay or return those transactions, regardless of their location.

“Without the proper controls in place, customers are exposed to significant risk when large ACH debits to their accounts may occur late in the day,” said David Kretz, Head of Global Payments and GTS Strategy in Global Transaction Services at Bank of America. “With mobile access to ACH Positive Pay, customers can make time-sensitive decisions from anywhere and reduce worries about missing returns deadlines.”

The new capacity coincides with Nacha’s changes to same-day ACH limits, planned for this month, which will allow the value of same-day debits and credits up to $1 million per operation. Previously, the limit was $100,000.

Last year, payments approved on the CashPro app doubled to $384 billion. “It’s clear that our customers are increasingly trusting the app to perform day-to-day and critical cash management transactions,” said Tom Durkin, CashPro’s Global Product Manager in Global Transaction Services at Bank of America. “With ACH Positive Pay, the app now has more ways for customers to make real-time decisions, which for ACH will be of greater importance when same-day ACH limits are increased.”

ACH Positive Pay on the CashPro app is the bank’s latest development to expand fraud prevention tools for payments. Last year, the bank launched Account validation. Read Continued on the bank’s ACH payment capabilities.

Bank of America
Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses, and large corporations with a full range of banking, investment, asset management, and banking products and services. other financial and risk management products and services. The company offers unparalleled convenience in United States, serving approximately 67 million retail and small business customers with approximately 4,200 retail financial centers, approximately 16,000 ATMs and award-winning digital banking services with over 54 million verified digital 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 businesses, governments, institutions and individuals worldwide. whole world. Bank of America provides industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves its customers through operations across United States, its territories and about 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange

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SOURCE Bank of America Corporation

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