Every day, thousands of CFOs and treasurers use QR code technology to sign-in to CashPro, Bank of America‘s (NYSE: BAC) digital banking platform accessed by more than “40,000 corporate and commercial clients around the world to manage their treasury, trade and credit operations and perform self-service requests.”
The identity and authentication technology, “introduced in 2022, recently surpassed two million uses and saw 60% growth in adoption over the last year.”
Jennifer Sanctis, head of CashPro App and Personalized Technologies in Global Payments Solutions at Bank of America said:
“Nearly every business client uses CashPro as the front door through which they view and take action on their Bank of America accounts. QR Sign-In makes that entry point even more secure and further enhances the client experience.”
The QR sign-in experience “improves two key pain points” associated with traditional login processes:
- There’s no need to remember the CashPro password. Instead, clients use their mobile phone to scan the QR code that appears on the computer screen and sign in using biometrics.
- There’s no need to carry a physical token. Instead, users can use the CashPro App to access the mobile token, which is integrated into the sign in flow for clients with multi-factor authentication.
The popularity of this technology is highest among clients in Europe who access it “more than twice as frequently as clients in other regions.”
Karen Davis, head of treasury and trade finance for oil & gas at Glencore, is a member of the bank’s UK CashPro Board, “a group of clients who provide direct input on the platform’s functionality and future build out. Davis is a proponent and frequent user of QR sign-in.”
Davis said:
“QR sign-in makes it simple to get into CashPro. I use the mobile token security that’s built into the process too, so I don’t need to worry about carrying around a physical token. It’s so quick and convenient. I don’t know why people wouldn’t use it.”
Bank of America enhances the CashPro platform “through innovative new features and functionality that improve business outcomes for clients.”
Recently, the bank launched Push Authentication that “further simplifies the mobile token experience.”
Bank of America is one of the world’s financial institutions, “serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.”
The company provides convenience in the United States, “serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and digital banking with approximately 59 million verified digital users.”
Bank of America is a global firm supporting “wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.”
Bank of America offers “support to small business households through a suite of innovative, easy-to-use online products and services.”
The company serves clients through operations “across the United States, its territories and more than 35 countries.”