NEW YORK, July 25 (Reuters) - Bank of America's ( BAC )

corporate clients approved a record $500 billion in payments

through its CashPro app by mid-year, up almost 40% versus the

same period in 2023, the company said in a statement on

Thursday.

Payments on the app are projected to exceed $1 trillion this

year from $802 billion last year, BofA said.

Banking giants are investing in apps that allow corporations

to manage their money using tools that resemble those used by

consumers on their phones and tablets.

Banks aim to capitalize on surging payments revenues

worldwide, which jumped to a record in 2022, according to a

McKinsey report last year. Global payments revenues rose to more

than $2.2 trillion in 2022, with commercial accounts generating

53% of the total, the report showed.

"Payments are cool again," Mark Monaco, head of BofA's

global payments solutions business, told Reuters in an interview

earlier this year.

The lender's broader payments business processes nearly $2

trillion a day in transactions. That compares with about $10

trillion daily at JPMorgan Chase ( JPM ) and $5 trillion for

Citigroup ( C/PN ).