Bank of America launches new corporate service

Bank of America (BAC) wanted a new corporate cash solution to offer, but it wanted to get it right. It consulted 19 clients, which formed an advisory committee of sorts. The result is its new CashPro online. The new service, which will be available in November, will "provide a single point of access to global treasury, debt, cash management, investments, trade finance, foreign exchange services and other financial capabilities." Not to mention a brand new payments hub.

So this would appear to be a stab at one-stop servicing, all relevant services located in a single online site. With real-time support to boot. The fact is that Treasury services have grown in importance since the credit crisis set in, offering the potential for a stable source of deposits and of course fees. All banks are going to have to move in this direction. We're likely to see better interfaces, a more global focus, more support and tailoring capabilities. 

For more:
- here's the release

Related Articles:
Corporate card tools garner attention
Progress on corporate actions processing?