A self-service tool for straight-through processing (STP) has been made available by Bank of America that expedites the processing of payment files, minimizing delays and enhancing the client experience.
By enabling business clients to self-serve on validating payments and file formats when implementing CashPro Connect payments, adding payment types, or making changes to the treasury system, the new CashPro Validator eliminates a common source of delays, according to a press release from the Bank of America.
According to the announcement, CashPro Validator not only shortens payment delays but also identifies invalid payment codes so clients may immediately repair them. It also gives rapid validation responses and detailed descriptions of payment file issues.
In order to make it simple for customers to create local bank accounts as they grow into new nations, it also offers a variety of payment kinds and formats, according to the press release.
According to the publication, the utility is now compatible with the ISO 20022 file format and will eventually support other file types.
According to Meg Garand, CashPro product executive at Bank of America, “Our CashPro platform is integrated into the daily lives of our clients who rely on its power and simplicity to manage their payments, receivables, and liquidity.” “The CashPro Validator tool is another step in our effort to simplify operations,”
About six weeks ago, Bank of America increased the capabilities of CashPro’s Payment API, enabling customers to access hundreds more payment kinds and the ability to combine payments.
Approximately two months prior, the bank had made it possible for businesses that use CashPro for payments, cash management, and trade finance operations to log in to the website using a mobile device by scanning a QR code and their fingerprints.