Banks are calling for greater cooperation from regulators as they address demands for cheaper and faster cross-border payments.

The volume of payments processed outside the traditional banking sector is growing rapidly. But banks remain confident that they can remain competitive against non-bank or fintech alternative platforms.

The domestic economy is flatlining while interest rates continue to rise, but the booming banking sector has helped overall UK corporate payouts keep pace with those elsewhere.

At SIBOS, Mark Monaco, head of global payments solutions at Bank of America, pulled back the curtain on the strategies driving the bank’s leadership in an exclusive interview with Euromoney. “Success has three ingredients: people, process and technology,” Monaco shared on the bank's ability to stay ahead in an ever-evolving industry.