Bank of America to cover over 350 payment types with CashPro Payment API

The development comes as Application Programming Interfaces (APIs) continue to transform business-to-business (B2B) and business-to-consumer (B2C) transactions given the ability of APIs to provide real-time data, reduce costs, and improve operational efficiencies.

Enriching access to payments

Officials form Bank of America stated that a significant feature of APIs is their ability to support 24/7 processing. They’re seeing that play out with their Payment API where 20% of the volume is being processed during the weekend. The enhanced API will give clients even more options to process payments in multiple jurisdictions and countries at any time of the day.

The breadth of capabilities of the augmented CashPro Payment API spans:

• More than 350 payment types in 38 markets globally;

• 7 real-time payments schemes and services such as Zelle in the US and Pix in Brazil;

• Domestic and cross-border wires;

• Domestic ACH;

• Local payment instruments such as Brazil Boletos;

• The ability to execute payments in bundles, helping clients avoid or reduce backlogs in payment queues.

Facilitating cross-border payments

Through a single payment API, clients can disburse payments to hundreds of countries and get real-time data and information, helping to increase their business efficiency and competitive edge. BoA’s API can also be a bridge between an insurer's system and the policyholder, disbursing funds digitally, and instantly provide access to funds following a claim, without the need to use checks.

Bank of America's suite of CashPro APIs includes more than a hundred APIs supporting payments and treasury operations. Clients can connect to them through the CashPro API Developer sandbox, which is designed to accelerate onboarding. Clients can also access the APIs through one of the more than 28 Treasury Management System (TMS) and Enterprise Resource Planning (ERP) platforms that are integrated into Bank of America.