Bank of America Merrill Lynch has added fingerprint and facial recognition technology alongside an embedded token to enable quick access to payment approvals for corporate users of its CashPro mobile application.
With CashPro Mobile’s integrated token feature, users no longer have to jump between the mobile app or token app or carry their physical token. The secure biometric authentication simplifies log-ins while providing stronger security than passwords provide today.
The app currently has more than 475,000 active users among the bank’s commercial, large corporate, and business banking clients and its popularity among users is growing. Corporate users made more than 28,000 payment approvals made via CashPro Mobile in the first quarter of 2018 - a jump of 188% from the same period in 2017.
“Many factors are at play in the growth of mobile adoption and the demand for more robust features in mobile apps,” says Hubert Jolly, head of financing and channels for Global Transaction Services (GTS) at BofA Merrill. “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.”
The introduction of biometrics is the latest in a suite of enhancements to the app, which last year saw the introduction of a tool that uses artificial intelligence and predictive analytic capabilities to help commercial and corporate clients analyse their transactional data.