Bank of America’s Global Payments Solutions (GPS) business in Asia Pacific operates within a thoughtful global booking architecture rather than as a standalone regional unit. Management emphasised that GPS must be understood as a network franchise serving multinational corporates, financial institutions and non-bank financial companies across booking locations.

Globally, GPS generated $11.1 billion in revenue in 2025. Within Asia Pacific, executives framed performance through operating indicators, including client acquisition, deposit growth, mandate wins and product penetration, arguing that these measures more accurately reflect franchise strength in a cross-border environment.

Winnie Chen, Head of GPS Asia Pacific, set the strategic tone by reiterating that Bank of America continues to invest $13 billion annually in technology across the enterprise, with $4 billion allocated to new technology initiatives, including artificial intelligence. Within GPS, that investment supports product enhancement, automation, ISO 20022 migration readiness and the expansion of application programming interface (API) and cross-border capabilities.

The Asia Pacific franchise is positioned as both a servicing hub for US and European multinationals operating in the region and a platform supporting Asian-headquartered corporates and banks expanding into the United States and other markets. International growth was presented as a strategic pillar at the firm’s investor day in the US, reinforcing the structural role of Asia Pacific within the broader network.

Against that backdrop, the leadership team described a strategy shaped by network density, client advisory depth, product modernisation, sector specialisation and institutional expansion.

Network model and deposit growth

The team emphasised balance sheet strength and mandate wins as strong indicators of momentum. Asia Pacific deposits grew by double digits, driven by core operating balances rather than rate sensitive inflows. Growth reflects deeper penetration of primary accounts among multinationals consolidating liquidity, with transactional deposits tied to payroll, suppliers, receivables and cross border flows concentrating around banks with strong network depth.

Asia Pacific GPS now has nearly 300 associates, and regional product investment has risen sharply. Workforce expansion focused on product specialists, support and sector sales and not just relationship managers, enabling faster implementations as corporates demand shorter go live timelines amid treasury centralisation and ERP upgrades. These resources support execution and ensure the franchise can absorb new mandates without weakening service quality.

Mandate capture was another strong operating indicator. The team reported a 21% increase in win rate on request for proposals (RFPs) across the region, emphasising that these represented competitive wins rather than passive renewals. In several instances, the franchise was replacing incumbent regional or domestic banks where clients were seeking broader cross-border liquidity visibility or integrated FX capability. The win rate therefore signals not merely pipeline conversion but positioning strength in multi-country mandates where evaluation criteria extend beyond pricing into connectivity, reporting architecture and global servicing continuity.

Terence Tan, Chief Operating Officer, GPS Asia Pacific, noted that in a globally integrated structure, activity generated by Asia-headquartered clients is recognised across multiple jurisdictions and regions which is why GPS performance is also assessed through consolidated network indicators, and not merely via regional revenue extraction.

Winnie Chen, Head of GPS Asia Pacific, Bank of America

Terence Tan, Chief Operating Officer, GPS Asia Pacific, Bank of America

Corporate franchise and sector focus

Oliver Anceau, Head of GPS Asia Pacific Specialised Product Sales, and Serina Hourican, Head of APAC GPS Global Commercial Banking sales, described a corporate coverage strategy that extends beyond product provision into advisory partnership. The emphasis is not simply on delivering payments and liquidity tools, but on embedding GPS within clients’ operating models, particularly when corporates confront structural shifts in supply chains, digital infrastructure and regulatory requirements.

Technology, media and telecommunications (TMT) remains one of the key growth sectors. Asia Pacific produces roughly 70% of global semiconductors, and management noted that by 2030 more than 40% of global data centre capacity is expected to originate from the region. Bank of America services many of the large TMT names globally, most of which maintain regional treasury centres in Asia. These clients operate at scale and speed, creating heightened demand for automation, liquidity centralisation and reconciliation efficiency.

One semiconductor client cited in the discussion had been operating with fully manual reconciliation processes. Through deployment of Bank of America’s Intelligent Receivables solution, that client moved from 100% manual reconciliation to 70% straight-through processing. The relevance of this example lies less in the percentage shift itself than in what it signals: corporates are no longer optimising marginally but are re-architecting treasury processes to cope with rising transaction volumes and velocity.

Baris Kalay, head of GPS APAC Corporate Sales said: “Automation, real time visibility and API connectivity are enabling treasurers to move away from manual processes and focus on strategic liquidity management.”
Healthcare was identified as another structurally acquisitive sector. Frequent mergers and divestitures create fragmented account structures, redundant banking relationships and complex know-your-customer (KYC) documentation trails. In this environment, Bank of America’s GPS team positions itself as a rationalisation partner, helping corporates simplify account hierarchies, consolidate liquidity and reduce non-core banking relationships.

Kalay added, “As companies grow through acquisitions, treasury teams are focused on integrating systems, ensuring liquidity can be managed efficiently across the combined entity.” 
A further structural driver is the expansion of Global Capability Centres (GCCs) across India, the Philippines and Malaysia. Corporates are increasingly centralising high-volume processing activities in these hubs, including payables, receivables and treasury back-office functions. The team indicated that the growth of GCCs is reshaping demand patterns for file-based integration and programmable payment initiation across multiple jurisdictions.

The centralisation of transaction processing into GCC environments alters the scale and rhythm of payment flows. Rather than decentralised country-level execution, large corporates are routing significant volumes through shared service platforms that require multi-entity payment capability, multi-currency processing and consistent reporting standards across jurisdictions. The shift is not cosmetic; it changes the operational load profile and elevates the importance of implementation accuracy and uptime reliability.

Artificial intelligence (AI) has shifted from optional enhancement to baseline expectation. Management indicated that AI adoption is now raised in nearly every client meeting, with corporates seeking clarity on how the bank is embedding machine learning and behavioural modelling into treasury tools. Within CashPro, Bank of America’s award-winning proprietary platform, AI-enabled cash flow forecasting draws on behavioural data patterns to support short- and long-term liquidity projections, incorporating both Bank of America accounts and third-party bank balances.

Management noted that client discussions around artificial intelligence are increasingly framed in terms of governance, explainability and control rather than novelty. Treasury teams are expected to justify forecasting assumptions and liquidity buffers to senior management and audit committees. AI-driven forecasting tools therefore need to demonstrate traceable logic and consistent performance under stress scenarios. The positioning of CashPro’s behavioural forecasting engine is practical: improving short-term liquidity precision, reducing excess buffer balances and enhancing funding accuracy, rather than introducing experimental overlays. The emphasis is on measurable operating efficiency and risk management, not technology for the sake of it.

Security and fraud resilience form a parallel advisory stream. Enhanced user monitoring, automatic lockout controls and embedded fraud analytics are supplemented by engagement with the bank’s Global Information Security (GIS) teams. Rather than positioning security as a product feature, management framed it as an ongoing advisory dialogue.

Oliver Anceau, Head of GPS Asia Pacific Specialised Product Sales, Bank of America

Serina Hourican, Head of APAC GPS Global Commercial Banking Sales, Bank of America

Financial institutions strategy and correspondent banking evolution

Siddharth Gupta, Head of GPS Financial Institutions Group (FIG), Asia Pacific, described the financials segment being characterised by both structural resilience and competitive transformation. A large proportion of the FI business in the region is derived from Asia Pacific-headquartered banks, underscoring that the franchise is not reliant on in-bound banks clearing business.

US dollar clearing remains the core product anchor. Globally, the franchise maintains an extensive network of bank relationships, with correspondent coverage spanning more than 40 countries. Roughly two thirds of payments processed are book transfers, enabling near real-time settlement.

High internal payment flow materially improves settlement dynamics. Book transfers reduce settlement risk, lower intraday liquidity needs, and shorten payment chains for regional banks, improving both speed and predictability of funds availability. As cross border volumes grow and payment cycles shorten, internalized flow becomes a structural advantage.

Gupta noted that correspondent banking relationships are no longer viewed as static infrastructure, but as dynamic risk management levers. Clients are increasingly reassessing corridor exposure and reducing operational redundancy.

Beyond traditional correspondent banking, non-bank financial institutions represent the fastest-growing client segment. Private capital and asset management clients were highlighted as particularly significant. The private capital segment now constitutes the largest component of the non-bank financial institution (NBFI) business globally for Bank of America’s GPS business. Sponsors headquartered in the US and Europe continue to deploy capital into Asia, with Singapore emerging as a preferred treasury and fund structuring hub.

Gupta also cited the wholesale banknote business as a distinct capability within the broader institutional franchise. With eight vaults globally, the bank positions itself as a leading provider in wholesale physical currency distribution. While this is a niche business relative to electronic clearing, it underscores the breadth of the institutional offering.

Competition among regional and tier-two banks is intensifying. Regional banks and other mid-tier institutions are investing heavily in transaction banking capabilities, sometimes through white-labelling arrangements and flexible cost models rather than fixed infrastructure build-outs. Gupta indicated that this “arms race” dynamic is reshaping the institutional landscape, particularly as smaller banks seek to expand international reach without incurring disproportionate capital expenditure.

Baris Kalay, Head of GPS APAC Corporate Sales, Bank of America

Siddharth Gupta, Head of GPS Financial Institutions Group (FIG), Asia Pacific, Bank of America

Trade finance and asset distribution strategy

George Fong, Head of Trade and Supply Chain Finance, GPS Asia Pacific, articulated that the trade finance business continued to be active despite apparent balance sheet compression. He differentiated between certain funded products retained on balance sheet and other products which were originated to distribute.

While retained funded assets are not expanding significantly, largely due to spread compression, overall asset origination and distribution volumes continue to grow.

This distinction matters. Trade activity has not contracted; rather, margin compression and capital allocation discipline have altered how assets are managed. When securitised and distributed, trade assets are experiencing high single-digit year-on-year percentage growth. The originate-to-distribute approach therefore reflects capital efficiency rather than sluggish client demand.

Management indicated that capital allocation discipline remains central to the trade strategy. In an environment of spread compression and evolving regulatory capital requirements, balance sheet utilisation must be calibrated against return thresholds. By distributing originated trade exposures into secondary markets, the franchise preserves risk-weighted asset capacity while maintaining client relationships and fee income streams.

Fong emphasised that supply chain volatility and geopolitical realignment continue to generate demand for working capital solutions across Asia Pacific. As corporates reconfigure sourcing strategies and diversify manufacturing footprints, trade finance requirements follow. Cross-border flows, FX execution and liquidity management intersect with supply chain financing, creating multi-product opportunities that extend beyond funded exposure metrics.

Product modernisation and API commercialisation

Phil Carmalt, Head of GPS Products, Asia Pacific, outlined five product investment priorities for 2025 and 2026: industry-leading security and fraud prevention; domestic tax, statutory and utility payments; innovation in cross-border payments and FX; client experience & digital and dxpansion of real-time payment capability.

Real-time payments are no longer confined to domestic rails. The bank is embedding FX capability directly within cross-border RTP corridors, enabling institutions to execute currency conversion at the point of payment initiation.

FX integration extends beyond spot execution. The product suite allows clients to lock in FX rates for defined tenors, including guaranteed rates for periods of up to one year in certain cases. Threshold-based FX logic enables clients to specify conversion triggers, while beneficiary-level exclusions allow selective automation. This combination of automation and control reflects an attempt to reconcile programmability with risk management.

At the same time, API commercialisation has moved from reporting functionality to payment initiation, allowing clients to embed payment execution directly within enterprise systems. Plug-and-play integration reduces implementation timelines relative to traditional host-to-host builds, particularly for high-volume processing environments.

Security architecture is integrated across product layers. Automatic user lockout controls, enhanced transaction monitoring and fraud analytics operate alongside engagement with the bank’s Global Information Security teams. Clients are increasingly evaluating banking partners not solely on functionality but on resilience posture, and management indicated that security conversations are now embedded in most advisory discussions.

Domestic rail modernisation remains market specific. In Asia Pacific, this includes integration with Australia’s New Payments Platform (NPP), Japan’s domestic clearing rails and local tax payment systems. The objective is to combine globally consistent architecture with locally compliant execution, reinforcing the “globally consistent, locally relevant” positioning articulated in the discussion.

George Fong, Head of Trade and Supply Chain Finance, GPS Asia Pacific, Bank of America

Phil Carmalt, Head of GPS Products, Asia Pacific, Bank of America

Australia as a case study of operating leverage

Nicole Waaka, Country Head and Corporate Sales Head, GPS Australia, described 2025 as a record year for the franchise in that market. Australian dollar balances grew 50% year-on-year, reflecting deeper client liquidity consolidation. The franchise achieved a 100% win rate on competitive RFPs within the large corporates segment.

A flagship example cited was that of a power generation company. The client transitioned to Bank of America, implementing a US dollar pool, payments and collections, and deploying API-enabled payments solutions, the first such solution in Australia for the bank. Implementation was completed within approximately five months.

The operational impact was measurable. Reconciliation processing was reduced by approximately 75%, and management indicated that the client is on track to achieve multi-million-dollar savings over a three-year period as a result of efficiency gains and liquidity optimisation. The case illustrates how API connectivity, efficient payments and collections, and an optimised liquidity structure combine to deliver tangible financial outcomes rather than incremental operational improvements.

Management emphasised that a strong implementation governance was critical to delivering these outcomes within an accelerated timeline. Completing the project in five months underscored that Bank of America was not presented as a standalone success, but rather as a demonstration of disciplined implementation frameworks capable of supporting complex, multi entity treasury transformation programs.

Real-time payments capability via Australia’s New Payments Platforms (NPP) went live in December, further enhancing domestic settlements. Exchange Settlement Account (ESA) functionality was extended to new client sectors, in accordance with Reserve Bank of Australia’s requirements, strengthening the franchise’s local infrastructure credentials.

Japan as a case study of regulatory integration and domestic adaptation

Junichi Hashimoto, Country Head, GPS Japan, reported double-digit year-on-year growth, and a 100% RFP win rate for Japan-specific MNC deals in the country.

Japan’s regulatory environment imposes specific operational requirements. The franchise has engaged closely with the Bank of Japan and relevant authorities to become an authorised agent for national tax payments execution. Integration with Japan’s e-tax framework and domestic clearing systems required coordination with regulators and external legal validation, reflecting the complexity of local compliance.

Domestic rail modernisation includes integration of “Beneficiary Validation Services” with Zengin payments execution across CashPro and Host to Host channel suits towards local language requirements. These enhancements differentiate the franchise from other foreign banks operating in Japan, where domestic rail connectivity and language-specific formatting are often constraints.

Becoming an authorised agent for national tax payments required regulatory engagement and joining the local E-Tax network beyond standard product deployment. Management described the process as involving coordination with the Bank of Japan and validation through external legal counsel in parallel to ensure compliance with domestic settlement and reporting standards. In a market where regulatory alignment is a prerequisite for scale, this authorisation serves as a structural entry barrier that is not easily replicated by foreign competitors.

Hashimoto emphasised that product development in Japan need to be designed in-line with both local and global requirements. Rather than importing US or European constructs or developing the same capabilities as that of Japanese mega banks, the team adapts to domestic regulatory and global clients’ local needs before integrating into the broader network.

Competition in Japan is intensifying, particularly among regional banks investing in transaction banking capabilities. However, Bank of America positions itself through global connectivity, MNC clients’ local requirements and regulatory-compliant domestic execution.

Nicole Waaka, Country Head and Corporate Sales Head, GPS Australia, Bank of America

Junichi Hashimoto, Country Head, GPS Japan, Bank of America

Network scale and structural positioning

Bank of America’s Asia Pacific GPS franchise is framed not as a discrete regional profit centre but as an embedded node within a globally integrated network. Performance indicators emphasised during the discussion: Double digit deposit growth, 21% increase in RFP win rate, new client relationships, expansion of headcount and product investment.

Institutional strategy remains anchored in US dollar clearing scale, embedded FX execution within cross-border real-time corridors and disciplined expansion into private capital and non-bank financial institutions. The evolution of correspondent banking described in the discussion reflects operational recalibration rather than disruption, with liquidity efficiency and nostro rationalisation driven by deployed infrastructure rather than conceptual redesign.

Corporate coverage centres around sector specialisation, ISO migration execution support, GCC-driven processing consolidation and embedded forecasting tools designed to improve liquidity precision. Product modernisation is framed in practical terms: API-enabled initiation is now live in market, rules-based FX execution integrated into payment flows and domestic rail alignment in Australia and Japan supporting regulatory and operational specificity.

Australia and Japan illustrate how the power of a global platform is translated into local execution. In Australia, API-enabled pooling delivered measurable reconciliation reduction and cost savings. In Japan, regulatory integration and domestic tax functionality reinforced market differentiation.

The Asia Pacific franchise is therefore positioned as a growth engine within the broader GPS platform, leveraging network density, capital discipline and technological investment to meet clients’ increasingly complex requirements in the region.