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Mark Monaco, Bank of America's global head of enterprise payments, said that artificial intelligence is moving from experimentation to practical application. He made the remarks during an interview with China upon visiting the country after the Sibos annual conference, and also said that China is a huge innovator in the payments field, with many of the most important recent payments innovations originating in Asia and China. The report noted that Bank of America has already applied AI to scenarios such as cash flow forecasting and accounts receivable reconciliation; its cash flow forecasting function helps 3,000 companies save 250,000 hours of manual work each year; its digital banking platform CashPro is used by more than 35,000 companies worldwide, and in 2025 clients settled $1.2 trillion through the CashPro APP. Currently, these remarks were reported by Yicai, and there have been no further developments.
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Oct 25
Yicai
Bank of America's global head of payments: China is a huge innovator in payments, and Chinese companies going global have broad prospects
Mark Monaco, Bank of America's global head of enterprise payments, visited China after the Sibos annual conference and gave an exclusive interview, saying that China is a huge innovator in the payments field and that many of the most important recent payment innovations originate from Asia and China. Bank of America has already applied AI to scenarios such as cash flow forecasting and accounts receivable reconciliation; its cash flow forecasting feature helps 3,000 companies save 250,000 hours of manual work each year. Its digital banking platform CashPro is used by more than 35,000 companies worldwide, and in 2025 clients settled $1.2 trillion through the CashPro app.