Bank of America lets business clients use QR codes to log in

Bank of America has added a QR sign-in feature to CashPro, the bank’s commercial and corporate digital banking platform, to make it easier for its users to access.

The digital banking platform launched the QR sign-in update on September 12 for its 500,000 users, Bank of America announced Monday. Customers can scan a QR code from a browser screen with their mobile devices, then use biometrics to authenticate identity.

Bank of America branch

Jennifer Sanctis, product head of CashPro App in Global Transaction Services, said the update was a priority for the platform after Bank of America saw 44,000 password resets in 2021.

“That said to us that we have an opportunity to make this process easier,” Sanctis said. “We looked at a variety of different ways to use our patents around authenticating a computer application using a mobile device…and how we can most efficiently and effectively do that in a way that our clients would use.”

The QR sign-in feature, which took about nine months to develop in-house, is the first in a series of planned CashPro enhancements involving identity and authentication. Sanctis said the ultimate goal is to eliminate traditional password credentials from the user experience.

Since the QR update launched earlier this month, Sanctis said about 10% of CashPro logins per day use the new feature. Average daily downloads of the CashPro app, which is required for use of the new feature, has also increased by 32% since the new feature.

CashPro lets business clients of all sizes, ranging from small businesses to multinational corporate entities, handle cash management, including payments, receipts, liquidity, investments, foreign exchange and trade, digitally. The platform can assist clients in 175 countries, and functions through four channels: online, mobile, application programming interface and file-based data transmission.

Bank of America announced on August 25 that CashPro had seen increases in usage on a rolling 12-month basis: 1.2 million clients had signed in to the CashPro app, a 46% year-over-year increase; payment approvals reached $537 million, a 120% year-over-year increase; and as of May, 76% of global banking clients were digitally active across CashPro and other digital platforms.

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