North America’s best bank for transaction services 2021: Bank of America
In a year when traditional ways of managing corporate cash flows, trade and retail payments faced their biggest challenge yet, one bank continued its relentless investment, building upon years of success. Bank of America once again wins the award for North America’s best bank for transaction services.
The bank’s global transaction services (GTS) unit facilitates $1.5 trillion of transactions per year in the region. In 2020 its CashPro app was used to approve $174 billion of payments, ahead of the $159 billion processed by Venmo, PayPal’s mobile payment service. Some 74% of the bank’s clients are now digitally active.
Building tech is one thing, but underlying everything BofA has done is a constant focus on service quality.
“Being the market leader in the US gives us a massive scale advantage, which means we are plugged into and have understanding across all levels of the market,” says Matthew Davies, co-head of global corporate sales for GTS and head of GTS for Europe, Middle East and Africa.