Bank of America Merrill Lynch (BofA Merrill) has introduced fingerprint and facial recognition features in addition to an embedded token to its CashPro Mobile app.
The enhancements are expected to help users to access the CashPro Mobile platform and complete payment approvals in a quicker and secured fashion, said the investment bank.
CashPro is used by companies to handle their daily treasury requirements.
BofA Merrill said that the newly added secure biometric authentication by means of fingerprint or facial recognition provides an easier sign-on experience, while offering stronger security compared to the passwords that are generally used.
On the other hand, the newly introduced integrated token feature in the CashPro Mobile ensures that users do not have to alternate between the mobile app or token app or for that matter do not have to carry their physical token any longer.
BofA Merrill global transaction services (GTS) global digital channels head Tom Durkin said: “Mobile’s ease of use and security features make it the ideal channel for corporate treasurers to access their cash and treasury information on a 24/7 basis.
“We’re excited to optimize the experience with our enhanced CashPro Mobile app, and look forward to introducing even more capabilities later this year.”
According to BofA Merrill, the CashPro mobile app is used by more than 475,000 active users, which include its commercial, large corporate and business banking clients.
BofA Merrill claims that the first quarter of this year had seen over 28,000 payment approvals made through the mobile app, reflecting a surge of 188% from the same period last year.
BofA Merrill GTS financing and channels head Hubert Jolly said: “Many factors are at play in the growth of mobile adoption and the demand for more robust features in mobile apps.
“Top among them is the expectation treasurers bring from conducting mobile banking for their personal finances. The new features on CashPro Mobile allow corporate treasurers to conduct their business banking anywhere, anytime, in a secure, more simplified way.”
Last year, BofA Merrill rolled out a new tool called CashPro Assistant, powered by artificial intelligence and predictive analytic capabilities. CashPro Assistant is said to assist commercial and corporate clients easily access and analyze their banking details.