Bank of America Merrill Lynch is integrating its CashPro corporate treasury platform with the Apple Watch, enabling users to get a one-time security token to their handset.
Since its launch in 2017, the CashPro app has seen its popularity soar among Bank of America Merrill Lynch's corporate, commercial and business banking clients. In the first quarter of this year it was used to approve more than 300,000 payments with a total value of over $30 billion.
However, until now many users have had to use a separate physical token to sign on. Now, they can install the app on an Apple Watch and generate a one-time password.
“Many people still carry their physical token on a key chain along with other banking tokens, which are bulky," says Tom Durkin, head, global transaction services channels, BofA Merrill Lynch. "Now, executives will no longer have to worry about forgetting to take their physical token when they are on the go, travelling for work or vacation."