October 5th, 2009

Bank of America Launches “CashPro Online” Business Banking Channel

After a great deal of research and investment into the specific needs of its commercial and corporate clients, Bank of America has announced a new product that provides a single point of access for business clients which enables them to run the core of their business more efficiently and easily.

Next Generation of Online Business Banking

CashPro Online will allow Bank of America’s corporate clients to access global treasury, debt, cash management, investments, trade finance, foreign exchange capabilities and a variety of other financial capabilities at any time, and from anywhere. The channel will also provide an online payments hub, which aims to greatly speed up transactions to improve efficiency and profitability.

In addition, the new intuitive and integrated design provides real-time feedback and instant client support via email, chat and mobile alerts, and will be able to be tailored to fit the specific needs of the client. Similar to the Virtual Remit Service offered by Chase, CashPro Online will provide an integrated digital lockbox in order to expedite the remittance process and give businesses access to their assets as quickly as possible.

Customizable

One of the biggest benefits to CashPro Online is that is is completely customizable through the online desktop, allowing business to tailor the service to the specific need of their business and industry. As a businesses needs changes, they can update their profile in real-time, allowing CashPro to adjust to the clients needs as they grow and change.

CashPro Online is the result of a multi-million dollar targeted investment and was developed specifically for the needs of business banking with input from an advisory council of 19 clients. It is expected to become available to new clients and clients who use a pre-existing version of CashPro by November, and to all clients in 2010.

About the banks

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other. It operates in 32 states, the District of Columbia and 30 foreign countries.

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Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.