Bank of America Merrill Lynch to introduce Apple Watch capabilities into CashPro
CashPro Mobile users will be able to pair their Apple Watch with their mobile token.
Bank of America Merrill Lynch today announces that it will introduce Apple Watch capabilities into the CashPro ecosystem.
As a result, CashPro Mobile users will be able to pair their Apple Watch with their mobile token and generate a one-time password, delivering even greater convenience by:
- Making the security of a token available directly from Apple Watch.
- Eliminating the need to keep a physical token.
- Accelerating the ability to securely approve transactions.
Companies use the CashPro platform to manage their everyday treasury and lending needs. CashPro has more than 487,000 active users among the bank’s corporate, commercial, and business banking clients.
The addition of Apple Watch into CashPro follows a series of the bank’s technology improvements to the mobile experience, beginning with the CashPro Mobile app itself in 2017. Bank of America was the first bank to introduce a digital token, and last year, the company integrated that feature into the CashPro Mobile app, eliminating the need for users to toggle between screens. Other recent investments include biometrics, simpler navigation, enhanced user interface, a personalized home view that allows clients to take action on their most critical to-do’s, and the ability to send feedback directly from the app.
To generate the token, the CashPro app must be installed on Apple Watch.
Let’s note that Bank of America’s consumer banking segment continues to see growing digital use, as indicated by its report for the final quarter of 2018. The bank marked 36.3 million active digital banking users; 26.4 million active mobile banking users, as well as 1.5 billion logins to its consumer banking application. Digital sales accounted for 27% of all Consumer Banking sales, whereas 49% of all digital sales came from mobile.
Speaking of digital use growth, let’s mention that the number of CashPro Mobile users surged 104% YoY, whereas logins were up 186% in 2018. The CashPro Mobile app’s popularity continues to grow. In the first quarter of 2019, clients used the app to approve more than 300,000 payments, representing over $30 billion in value, a jump of 904% from the same period in 2018.