Convenience and control continue to steer payments innovation
Technology is rapidly transforming the payments landscape for corporates and retail customers alike, and the systems that gain traction tend to be those that give consumers better visibility of their money – or make their lives easier in other ways.
Bank of America Merrill Lynch (BAML) became the latest bank to upgrade its mobile banking technology this week, adding fingerprint and facial recognition functionality to its CashPro mobile banking platform.
CashPro, which serves the bank’s commercial, large corporate and business banking clients, allows users to manage their everyday treasury needs on the go.
It is must-have technology for BAML business clients and corporate treasurers who do not only want to see their accounts at work but on a train or a plane, or even as they lie on a beach.
To make it easier to do thíis, while maintaining peace of mind that mobile connections are secure, BAML has embedded an integrated token, freeing users from carrying a physical token to log into the system.
Instead, security is provided by biometric authentication, via its new fingerprint or facial recognition technology – technology everyone with the latest smartphone is familiar with.
The bank says CashPro has more than 475,000 active users, with more than 28,000 payment approvals being made via the platform in Q1, up 188% year on year.