Bank of America’s business clients are increasingly utilizing mobile devices to manage payments and treasury operations, and in support of this trend, the bank today announced the launch of ACH Positive Pay on its award-winning CashPro App.
ACH Positive Pay, which is already available to business clients on the bank’s online version of CashPro, lets clients review and either approve or reject incoming transaction requests (“exceptions”) processed through the U.S. Automated Clearing House, or ACH. Now, clients can perform the same tasks via their mobile device, on which they’ll receive notifications of exceptions and be able to make real-time decisions to pay or return these transactions, regardless of their location.
“Without the proper controls in place, clients are open to significant risk when sizable ACH debits on their accounts can occur late in the day,” said David Kretz, head of Global Payments and GTS Strategy in Global Transaction Services at Bank of America. “With mobile access to ACH Positive Pay, clients can make time-sensitive decisions from any location and reduce their concerns about missing return deadlines.”
The new capability coincides with Nacha’s changes to Same Day ACH limits, scheduled for this month, that will allow the value of same-day debits and credits up to $1 million per transaction. Previously, the limit was $100,000.
Last year, payments approved on the CashPro App doubled to $384 billion. “It’s clear that our clients increasingly trust the app to conduct everyday and critical cash management operations,” said Tom Durkin, Global Product Head of CashPro in Global Transaction Services at Bank of America. “With ACH Positive Pay, the app now has more ways that clients can make real-time decisions, which for ACH, will carry greater significance when Same-Day ACH limits are increased.”
ACH Positive Pay on the CashPro App is the latest development by the bank to expand fraud prevention tools for payments. Last year, the bank launched Account Validation.
Source: Bank of America