Corporate treasury management across Europe is undergoing a notable digital shift, with businesses increasingly relying on mobile applications to handle critical financial operations. According to a press release issued by Bank of America, European companies used the institution’s CashPro digital platform to approve more than €100 billion, equivalent to roughly $115 billion, in payments during the first seven months of the year.
The announcement highlights a broader trend of corporate entities integrating mobile solutions into their daily financial workflows. Bank of America reported that during the tracked seven-month period, European transaction volumes rose by 25%, while total payment values increased by 21%. The bank attributed this upward trajectory to companies seeking efficient ways to manage time-sensitive treasury duties while away from traditional desktop environments.
Security and authentication methods have evolved in tandem with this adoption. Bank of America stated that 74% of European CashPro users currently opt for a mobile token to securely authenticate and access the platform.
Matthew Davies, head of Global Payments Solutions for Europe, the Middle East, and Africa at Bank of America, noted that mobile technology has become a fundamental component of day-to-day treasury operations. Davies stated that the platform provides clients with the necessary flexibility to oversee crucial financial tasks securely regardless of their physical location.
Heath Bergman, product executive for the CashPro App at Bank of America, emphasized that client feedback continues to drive the platform’s ongoing updates and feature expansions. Bergman observed that international clients have readily adopted mobile capabilities and consistently request expanded functionality within the application.
Globally, the broader CashPro platform serves a user base of more than 35,000 corporate clients, according to Bank of America data. The bank has increasingly infused digital automation, artificial intelligence, and real-time data capabilities into the ecosystem to address corporate demand for greater productivity in managing cash flows, payments, and receivables.
Previous updates from Bank of America illustrate the ongoing evolution of its corporate digital tools. In December, the financial institution reported that its CashPro Forecasting solution assisted upwards of 3,000 companies in saving more than 250,000 hours over a 12-month period by automating traditionally manual forecasting tasks. Additionally, corporate utilization of tools like CashPro Chat and transaction search functionalities experienced a 21% year-over-year increase, with nearly 70% of corporate clients leveraging the capabilities to track transactions and resolve service inquiries in real time.
Source: PYMNTS
