Bank of America said Monday that it has introduced a new feature on its CashPro mobile app, giving U.S.-based clients access to centralised capital markets data powered by artificial intelligence.
Bank of America Launches AI-Powered Capital Markets Insights on CashPro App
The new tool, called Capital Markets Insights, is said to provide corporate treasury teams and CFOs with consolidated market and issuance information, including the bank’s proprietary AI-driven Trade Evaluation Driver (TED).
The TED score uses market variables to quantify conditions for investment-grade issuance, offering clients an objective measure of the macro environment before making debt issuance decisions.
“CFOs and treasurers using the CashPro App to approve payments are the same people making debt issuance decisions,” said Tom Durkin, global product head of CashPro at Bank of America. “Capital Markets Insights deepens the app’s ability to enhance and simplify our investment-grade clients’ decision making.”
The service will collate data previously scattered across emails, calls and external platforms, presenting it in personalised views directly in the app.
BofA said clients will be able to access market statistics including TED scores, same-day and recent issuance data, and search investment-grade secondary bond pricing.
CashPro, Bank of America’s digital banking platform, is already used by more than 40,000 corporate and commercial clients worldwide to manage treasury, trade and credit functions, according to the bank.
Jon Klein, co-head of Global Investment Grade Capital Markets at Bank of America, said: “By digitising Capital Markets Insights within the app, clients will be able to act more quickly and efficiently based on relevant market information.”
