Bank of America Merrill Lynch has created a centralized data repository that aims to help businesses keep better track of account transactions.
The consolidated data system allows clients to search for transactions within the past year regardless of which account they used, Bank of America (BAC) said in a press release Monday. It is available to users who access their bank data via CashPro Online, CashPro Connect or CashPro Mobile channels.
"Clients now have much greater control over and increased flexibility with how they want to see the data and generate reports," said Cindy Murray, head of Global Treasury Product Platforms and e-Channels, said in the release. "The focus will be on actionable data, such as identifying patterns that help clients uncover opportunities for efficiencies. For example, a client will be able to determine their percentage of usage of low value vs. high value vs. check payments over a specified time period."
Bank of America announced the launch of several payment and transaction products earlier this year. In June, it released Cash Management Essentials, a software service that helps small companies manage accounts and process payments. It introduced a redesign of its credit card management platform in April.