The world’s best bank for payments and treasury 2021: Bank of America
Technology keeps BofA at the vanguard of payments. Covid-19 drove both deposits and innovation at the US bank.
For Bank of America’s global transaction services (GTS) business, the Covid-19 pandemic delivered payback on its decade of investment in digital technology. The bank’s GTS business is a hub of investment in new and emerging technologies within the bank – investing more than any other business in its global banking and markets division. Having a roughly $14 billion bank-wide annual global technology and operations budget, $3.5 billion of which is dedicated to new initiatives, certainly helps in this regard.
“The technology around transaction services has become more complex: the end users of this technology are also consumers and their expectations around functionality and ease of use are driven by their technology experience in their personal lives,” observes Matthew Davies, head of global transaction services in Europe, Middle East and Africa and global co-head of corporate sales, GTS at BofA.