Bank of America's Online Business Banking System

Secure Internet Banking for Corporate Clients with CashPro® Online

Oct 6, 2009

On October 5, 2009, Bank of America introduced their new CashPro® Online business banking service, with a myriad of services for corporate internet banking clients.

In an October 5 press release, Bank of America Merrill Lynch announced the November launch of a new commercial and corporate internet banking channel, Cashpro® Online. The revolutionary new system offers accessibility and security for business banking clients with receivables management, payables management, liquidity management, and electronic payment processing needs.

Cashpro® Online an Accessible Online Business Banking Option

Users of Cashpro® Online, developed with the assistance of a 19-member advisory council and a multi-million dollar investment, can access important financial accounts online anytime, from anywhere in the world.

Account holders will use the new online business banking channel to perform financial transactions including cash management, foreign exchange services, investment management and more. In addition to anytime account access,clients can reach support and receive real-time feedback by email, chat, and mobile alerts.

Receivables Management and Payables Management Simplified

New Cashpro® Online receivables management tools, including Wholesale and Retail Lockbox Services, are tailored to the size and needs of each business. These tools are ideal for businesses in need of improved collections management and quicker internal processing.

Check disbursements, automated reconciliation and a variety of bill payment methods assist businesses in managing payables. Cashpro® Online employs fraud protection features such as Positive Pay and ACH Receipt Authorization to protect account holders.

Electronic Payment Processing and Liquidity Management with Cashpro® Online

The Cashpro® Online electronic payment processing system helps businesses control costs, manage cash flow, and prevent fraud by integrating Electronic Fund Transfers (EFTs) with traditional business processes. Electronic payment processing options include wire transfers, ACH, and Electronic Data Interchange (EDI) solutions.

Cashpro® Online houses a wide selection of investment options for businesses, accessible directly through the online banking platform. Companies can take advantage of short-term investments, short-term funding, or cash control options such as a zero-balance account to effectively manage funds and grow their business.

Internet Banking for Corporate Clients or Financial Institutions

Cashpro® Online offers two types of solutions, suitable for small to large corporate clients or financial institutions. Both feature many of the same services, tailored to the type of client. Within each option, the system is highly customizable to suit the size, age, and needs of the individual business.

Cindy Murray, Global Corporate Banking E-commerce executive at Bank of America Merrill Lynch, said Monday, "This is the next generation of online banking for commercial and corporate clients." She notes, "With its intuitive design and focus on integrating financial information to improve work flow, CashPro® Online can empower our clients beyond transactions, helping them increase productivity and profitability."

How to Access CashPro® Online Secure Internet Banking Services

New Bank of America Merrill Lynch clients and those using the previous version of CashPro® Online can access the new platform in November, 2009. All other clients will move to the new system in 2010.

Bank of America Merrill Lynch serves clients in more than 150 countries and deals with 99% of U.S. Fortune 500 companies.

The copyright of the article Bank of America's Online Business Banking System in E-Commerce Services is owned by Miranda Miller. Permission to republish Bank of America's Online Business Banking System in print or online must be granted by the author in writing.