BofA Sees 51% Increase in Companies Leveraging APIs For Real-Time Treasury Needs

Core Insights - The demand for real-time data and transaction processing has led to a 51% increase in Bank of America clients using APIs over the past year [1] - The CashPro API network and CashPro Developer Studio have significantly improved the onboarding experience for clients, allowing them to go live within one week [2] - Bank of America serves approximately 69 million consumer and small business clients, with a strong digital banking presence [3] Group 1: API Adoption and Impact - Bank of America has seen a record number of business clients adopting APIs, driven by innovations that simplify onboarding and accelerate transaction speed [1] - 78% of clients using CashPro APIs are doing so through a network of 55 treasury management systems and enterprise resource planning providers [1] - The CashPro APIs have automated treasury processes for companies, increasing efficiency and enabling immediate access to cash balance information [2] Group 2: Use Cases and Applications - Nonprofit organizations are utilizing CashPro APIs to send emergency relief payments through various digital payment methods [2] - Healthcare and insurance companies are replacing checks with faster payment methods like Zelle and ACH, expediting reimbursement processes [2] - Companies in Brazil are processing 600,000 Boletos monthly using CashPro APIs, showcasing the global reach and versatility of the technology [2]