World’s best cash management bank for middle-market corporates, Leader in the Euromoney MarketMap for Cash Management NAM, North America’s best digital bank, North America’s best bank for transaction services are just some of the accolades earned by Bank of America from Euromoney and our audience in the last year.
They reflect the bank's focus on innovation, cutting-edge technology, and a customer-centric ethos that consistently delivers exceptional results.
At the heart of Bank of America’s success is its people and culture, says Mark Monaco, head of global payments solutions. The organisation fosters a diverse workforce that mirrors the clients and communities it serves. This commitment is not just about representation but about building a culture of collaboration and innovation.
Monaco underscores the importance of career mobility within the organisation: “You don’t have to leave the firm to have a new experience.” This approach not only helps retain top talent but also ensures employees feel empowered to grow, adapt, and contribute meaningfully to the bank’s vision of responsible growth.
“Engaged employees are critical to our success. We believe you can do good while also doing well, and that resonates with our team,” says Monaco.
To support its employees, the bank invests in programmes like the Treasury Management Analyst Program (TMAP), which offers young professionals opportunities to explore various roles within the company. Other initiatives such as a bi-weekly Learning Series on global payments allow employees to deepen their expertise and stay ahead of industry trends.
Moving the battleship
Operating in over 90% of global GDP markets, Bank of America excels at balancing global consistency while responding to clients’ local needs. This requires clarity and discipline. “We set clear goals, measure them, and make incremental progress,” Monaco says, likening this process to “moving the battleship one degree at a time.” This approach ensures alignment across the bank’s operations while offering the agility required to remain innovative.
One of Bank of America’s strengths highlighted by their clients in the Euromoney Cash Management Survey is its payments capabilities, which cater for both global and local needs. Monaco explains, “payments are still local, and in many cases, they’re becoming increasingly local. We make a deliberate effort to ensure that our global presence supports local needs. It’s about creating the right capabilities and continuously investing to ensure our clients’ success.”
Making the investment
Technology also plays a critical role in creating seamless processes and is an integral part of the bank’s DNA, but its application always starts with client needs. Monaco highlights the bank’s philosophy: “You decide the ‘what’ first, and then you work on the ‘how.’ The client’s problem always comes first.”
Payments and cash management are at the core of what we do. Unlike some services, these are things we engage in with clients every single day
And investment is not small. The bank’s $12 billion annual investment in technology includes $4 billion allocated to new initiatives, many of which focus on payments.
Tools like CashPro help streamline workflows by offering centralized access to payments, liquidity management, and reporting. Monaco underscores CashPro’s transformative role: “This year, we’re on track to initiate over a trillion dollars of payments through the mobile CashPro app. It’s not just about sending $20 to a friend – it’s about enabling clients to approve hundreds of millions of dollars, even from a football game.”
The platform’s success is rooted in its ability to adapt to diverse client needs. “API usage on CashPro is up 50% this year,” Monaco notes, adding that such growth reflects clients’ desire for seamless digital integration. Innovations like CashPro Chat, which leverages AI to assist clients in real-time, further differentiate the platform.
Two-way street
Digitisation, speed, and the strategic use of data are among the macro trends shaping the future of transaction banking, according to Monaco. “Operational excellence and resiliency are often underestimated,” Monaco states, adding that “people talk a lot about technology, but the real differentiator is operational excellence in a heavily regulated environment.”
He also stresses the importance of partnership between banks and clients: “As we innovate, clients need to evolve too. They must invest in changing their processes and adopting new tools. It’s not going to happen overnight, but we’re seeing significant progress.”
Moving trillions everyday
Monaco reflects on the transformative role of payments in the broader economy: "Thinking about the reduction in cash and checks, and the utility people are finding with mobile devices. These changes aren’t just about convenience – they’re driving economic growth and financial inclusion."
He also highlights the broader societal impact of the bank’s work, stating: “We move trillions of dollars every day. This isn’t a game – it's serious business and it’s exciting to know we’re influencing outcomes on a global scale.”
Thinking about the reduction in cash and checks, and the utility people are finding with mobile devices. These changes aren’t just about convenience – they’re driving economic growth and financial inclusion.
As the industry continues to evolve, Bank of America’s commitment to responsible growth and its investment in technology and talent ensure it remains at the forefront.
“It’s the core of what we do,” Monaco concludes. “We have an incredible platform to drive positive change, and that’s what keeps us excited every day.”
