Bank of America Christian Stolcke spotlights AI's biggest impact in cross-border payments
As part of our Hot Topics at Sibos series in Miami, TTP’s Joy Macknight spoke with Christian Stolcke at Bank of America about the impacts of AI on cross-border payments.
Key Insights
AI is being embedded into cash management platforms, such as Bank of America’s “CashPro” and its associated insights to provide the level of self-service that is considered table stakes for modern client offerings.
While the traditional correspondent banking system is certainly essential, it must be complemented by collaboration with local banks and FinTechs to address payment friction, particularly regarding "last mile" delivery.
There is an increasing expectation for friction-less, transparent, real-time payments available around the clock and a continued drive toward the deployment of AI, digital assets, and stable coins. But its important to still maintain caution when it comes to security and cybercrime.
