Mark Monaco, head of global payment solutions (GPS) at Bank of America, said Sibos offers a chance to “share ideas, new innovations and communicate” within the banking community. He explained how Bank of America leverages its global network, integrates new technologies carefully and works with industry partners to evolve payments. Applying AI across GPS Monaco said the bank highlighted “a new tool called ‘Ask GPS’”, the bank’s latest deployment of artificial intelligence (AI) . AI and data are applied in tools such as CashPro Insights and CashPro Forecasting to give clients more precision in managing working capital, liquidity and financing needs. This reflects a broader trend in transaction banking: using predictive analytics to automate routine tasks and flag risks in real time rather than after the fact. Monaco stressed that the objective is not only efficiency but also better decisions and experiences for corporate treasurers. Digital assets and shared ledgers He described digital assets as “a new technology, an opportunity for us to improve our products and improve outcomes for customers”, but stressed the need for secure implementation. On Swift’s shared ledger initiative, Monaco called it “an example of the community coming up with new solutions” to continuously evolve, as Swift has done, expanding from 200 banks in 15 countries to over 11,000 in 200 countries today. This reflects a cautious but active approach: experiment with distributed ledger technology where it solves a real problem such as liquidity fragmentation, while maintaining the scale and reliability clients expect from a global bank. Tokenisation and public-private convergence Monaco said tokenising real-world assets can improve processes “whether that’s in securities or other financial instruments,” but banks must ensure cost reduction, liquidity improvement, functionality and interoperability before rolling out solutions. This echoes the G20 cross-border payments roadmap which calls for greater standardisation and rulebook harmonisation alongside new rails. Assessing and integrating new technology He said Bank of America takes “a methodical, risk-based approach” with rigorous testing, due diligence and heavy reliance on client feedback when integrating AI, application programming interfaces (APIs), cloud and other technologies into existing platforms. “We want to make sure the solutions we put into the market are robust and can stand up to the volumes and the scrutiny,” he said. Collaboration and ecosystemsMonaco noted that Swift’s founding premise was to bring the community together to improve transactions, and banks are now also exploring collaboration on stablecoins, data sharing and fraud reduction. The key question is “what are those circumstances where working together is better than working apart.” Evolving payments securely and collaboratively Monaco’s remarks show Bank of America treating AI and digital assets not as stand-alone experiments but as tools to improve transparency, liquidity and security in global payments. By embedding AI into CashPro, participating in Swift’s shared ledger and tokenisation pilots and taking a risk-based approach to integration, the bank is laying the groundwork for the next stage of cross-border payments. At the same time, Monaco highlighted the need for collaboration and rulebook alignment so that new technologies deliver real benefits without adding complexity. For Bank of America, success means making innovative payment capabilities simple, predictable and safe for its worldwide corporate and institutional clients.
