Bank of America Unveils GenAI Assistant for Global Payment Solutions

Bank of America Launches GenAI Assistant for Global Payment Solutions

Bank of America (BofA) has unveiled a groundbreaking generative AI tool called Ask Global Payments Solutions (AskGPS), designed to revolutionize how its Global Payment Solutions (GPS) team serves over 40,000 business clients worldwide 1

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Development and Capabilities

AskGPS was developed in-house and trained on more than 3,200 internal documents and presentations, including product guides, term sheets, and FAQs 1

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. This extensive training allows the AI assistant to answer a wide range of client queries, from simple to complex, within seconds 2

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Mark Monaco, head of GPS at Bank of America, emphasizes that "AskGPS turns institutional knowledge into real-time intelligence," describing it as more than just a search tool but a "strategic engine" 1

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Efficiency Improvements

Before the introduction of AskGPS, handling sophisticated inquiries could take an employee up to an hour, often requiring phone calls to product specialists across different regions and time zones 1

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. With the new AI assistant, employees can now achieve the same result almost instantly, potentially saving tens of thousands of hours each year 2

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Benefits for Clients

The implementation of AskGPS offers several advantages to Bank of America's clients:

1. Faster turnaround on product and onboarding inquiries
2. More tailored solutions grounded in thousands of vetted internal resources
3. Enhanced strategic guidance, as salespeople and bankers leverage AI to surface best practices and precedents across sectors and geographies 2

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Integration with Existing AI Solutions

AskGPS complements Bank of America's existing AI tools within the GPS team, including:

1. CashPro Chat with Erica technology: A virtual assistant used by 65% of business clients for real-time account and transaction support
2. CashPro Forecasting: Utilizes predictive analytics to forecast cash positions
3. Intelligent Receivables: Employs AI and advanced data capture technology to consolidate payment information and associated remittance details from various payment channels 3

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Broader AI Strategy

Jarrett Bruhn, head of Data & AI for GPS at Bank of America, states that "AskGPS is a bold leap forward in how we harness GenAI across the enterprise" 1

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. This initiative is part of Bank of America's larger AI strategy, which focuses on deploying AI across four key domains: intelligent agents, search and summarization, content generation, and operations and coding 3

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Industry Trends and Customer Expectations

The banking sector has been increasingly leveraging AI to drive customer engagement. According to research from the June 2025 Embedded Finance Tracker® Series report, 72% of customers say personalization can influence their choice of bank 2

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. In the digital banking era, the ability to quickly and accurately answer customer queries has become crucial, potentially outweighing traditional banking transactions in importance 2

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As financial institutions continue to embrace AI technologies, tools like AskGPS represent a significant step forward in enhancing customer service, streamlining operations, and providing more personalized and efficient banking experiences.