Convenience, Security and Integration with Biometrics Drive Growth in Adoption of QR Sign-In Technology

Every day, thousands of CFOs and treasurers use QR code technology to sign-in to CashPro, Bank of America's digital banking platform accessed by more than 40000 corporate and

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 year¹.

"Nearly every business client uses CashPro as the 'front door' through which they view and take action on their Bank of America accounts," explained Jennifer Sanctis, head of CashPro App and Personalized Technologies in Global Payments Solutions at Bank of America. "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:

* It’s an interaction that is completed in seconds, which is especially valuable for busy executives and frequent CashPro users.

* The technology is used in conjunction with the bank's mobile token security, which provides an additional layer of protection against fraud.

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.

"QR sign-in makes it simple to get into CashPro. I use the mobile token security that's built into the process, 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," Davis said.

Bank of America regularly enhances the CashPro platform through innovative new features and functionality that improve business outcomes for clients. Most recently, the bank launched Push Authentication that further simplifies the mobile token experience.

Industry recognitionBank of America's CashPro platform routinely receives third-party recognition. Notable highlights include:

* Best Integrated Corporate Digital Bank in Western Europe by Global Finance Magazine

* Best Innovation in Trade Finance Technology by the Structured Products Trade Association

* Outstanding Achievement in Fintech for Small to Medium Enterprises by the American Banker Impact Fintech Awards

Bank of America is one of the world's leading 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 unmatched 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 award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in 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 industry-leading support to approximately 4 million 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. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

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Reporters may contact:

Louise Hennessy, Bank of America

Email: [email protected]

Footnotes

1 Full year 2024 vs. full year 2023