Bank of America today, at the Association of Financial Professionals annual meeting, launched CashPro Accelerate, a solution that creates dramatic improvements in the efficiency, accuracy, and forecasting capacity of cash position spreadsheets.
By automatically populating bank account data from multiple accounts at Bank of America and other banks, CashPro Accelerate will help businesses obtain a more accurate view of their daily cash position, with fewer data entry mistakes or errors in formula and calculations.
CashPro Accelerate enables corporate treasury staff to gain a consolidated view of their financial data and make more confident decisions regarding cash flows. Data fields in CashPro Accelerate-enabled spreadsheets are protected, preventing encrypted figures from being altered or manipulated. Additionally, the use of XML technology to automatically populate data helps eliminate keying errors and can reduce the time involved in calculating cash position. Furthermore, CashPro Accelerate, due to its efficient automated features, can decrease long hours of manually inputting data into Excel spreadsheets.
"We have listened to the feedback of our clients and developed CashPro Accelerate to meet a common challenge that confronts many businesses: accurately and efficiently creating a cash position while avoiding the formula errors that typically occur in cash position worksheets," said Dub Newman, Global Product Management Executive for Bank of America.
"CashPro Accelerate is a powerful tool that automatically converts massive amounts of data into meaningful information. Cash managers can benefit from improved analytics, productivity and confidence in the decisions they make related to managing working capital," said Milton Santiago, senior vice president and Portal Strategy and E-channel Executive for Bank of America.
Businesses can use CashPro Accelerate to obtain their cash position on any and all of their accounts with Bank of America, while the solution's multi-bank capabilities offer the flexibility to import data from most financial services provider. For added convenience, CashPro Accelerate is designed to fit into business' existing workflow with easy to use standard configurations as well as customized ad-hoc options. CashPro Accelerate also converts foreign currency based on the rates used internally by Bank of America's foreign exchange department.