Bank of America Receives Accolades for Innovation, Digitization and Transaction Services

Publications and Analyst Firms Note Leadership in Innovation, Digital Solutions, Service Quality and Consistency in Global Transaction Services

March 20, 2019 at 10:00 AM Eastern

Bank of America recently received several awards for its Global Transaction Services (GTS) business. The recognition highlights the bank’s leadership in digital solutions, innovation, service quality and global consistency across Asia, Europe, North America and South America. The accolades came from industry publications and research firms that conduct surveys with businesses, including the bank’s own clients.

For innovation, the analyst firm Aite Group named Intelligent Receivables as Product Development winner in its inaugural Impact Innovation Awards in Cash Management and Payments. Intelligent Receivables leverages artificial intelligence, machine learning and optical character recognition to automate the matching of payments with their associated remittance information. 

In the rationale for the award, Aite analyst Christine Barry wrote, “Bank of America…is a first mover in the area of integrated receivables and remains one of only a handful of banks currently live with a truly robust offering. Intelligent Receivables addresses a key pain point felt by an important customer segment within transaction banking. It offers greater automation, accuracy, efficiency and cost savings for clients, which ultimately leads to greater customer satisfaction and retention.”

For leadership in digital, Bank of America’s CashPro digital platform ranked highly in the 2018 Greenwich Excellence Awards in the U.S. for large corporate cash management. The bank earned recognition for excellence in Digital Platform Design, Digital Product Capabilities, and Digital Platform Security Capabilities. The bank also earned a 2019 Greenwich Excellence Award for its Digital Platform Security Capabilities in Asia.

For global leadership, the bank has won multiple recognition for leadership in cash and liquidity management, and trade finance. 

  • Best Bank for Cash & Liquidity Management in China (TMI Awards for Innovation & Excellence)
  • Best Bank for Cash & Liquidity Management in South America (TMI Awards for Innovation & Excellence)
  • Best Business Finance Provider in South America (Trade Finance Global)
  • Best Bank for Liquidity Management in North America (Global Finance)
  • Greenwich Associates Large Corporate Cash Management Excellence/Share/Quality Awards:

-   Europe – Excellence in Quality of Advice (2019)
-   United Kingdom – No. 1* Overall Cash Management Quality (*tied, 2019)
-   United States – No. 1* Share Leader and Quality Leader for Large Corporate Trade Finance (*tied, 2018)
-   United States – No. 1* Share Leader and Quality Leader for Large Corporate Cash Management (*tied, 2018)
-   United States – Excellence in Accuracy of Operations, Domestic Product Capability and Customer Service (2018)

In announcing the TMI awards, Editor Eleanor Hill wrote, “(In China) the bank continued to deliver outstanding service with innovations and enhancements in a number of areas, including mobile channels and automated, paperless workflows. Meanwhile, in Latin America, the bank has introduced a number of leading-edge solutions, ranging from Electronic Boleto Presentment and Payment in Brazil to Mexico-U.S. cross-border sweeps with Mexico SPID (payment system). Together with the bank’s consistently high service levels, the judges felt that these were undeniably award-winning innovations.”   
 

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 1,800 lending centers, 2,200 Merrill Edge investment centers and 1,500 business centers; approximately 16,300 ATMs; and award-winning digital banking with more than 36 million active users, including over 26 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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www.bankofamerica.com

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Reporters May Contact:
Louise Hennessy, Bank of America
Phone: 1.415.913.3641
louise.hennessy@bofa.com

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