5 questions from Alison Shonard

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alison shawnardManaging Director and Head of Global Digital Disbursement at Global Transaction Services Global Payments Organization Bank of AmericaFocused on meeting the growing demand for payment solutions through innovation.

Alison Shonard, Bank of America

The $3.2 trillion bank’s non-interest expense, which also includes technology spending, increased 14% year over year to $17.7 billion in the fourth quarter of 2023, according to the bank’s Q4 earnings release.

With increasing technology spending and focus on digital strategies, the global digital disbursement payment solution is continuously growing. In fact, this solution was launched in Canada in August 2023 on the bank’s CashPro platform.

In this interview with bank automation news, Schönerd discussed his approach to innovation and his roadmap for global digital disbursement. What follows is an edited version of this conversation.

Bank Automation News: Global digital disbursements are an emerging payment solution. How has the demand and adoption of this digital capability increased?

Allison Shonard: Demand for digital business-to-consumer payment solutions has increased as companies face increasing challenges with legacy paper-based processes – particularly the prevalence of fraud – and consumer payments increasingly need to compete and improve customer relationships. Is being seen as a way to maintain. Global digital disbursements address these challenges and opportunities, driving continued growth in customer adoption, payments volume and use cases year over year.

The growing acceptance in peer-to-peer payments is driving the pace of change in the B2C sector, with the greatest adoption in the insurance, energy and education industries as a way to replace expensive checks that face increasing fraud.

restrictions: How does Bank of America approach innovation on global digital disbursement technology?

As: We will often start with a “proof of concept,” where we partner with our technology team to experiment and prove our hypothesis, ideally that a solution is feasible and will meet a customer need. We are trying to solve.

Soon we will begin a proof of concept around identity as a means to increase platform accessibility and streamline payee payment experiences without adding unnecessary friction.

Making things easier for our customers is a perennial objective of our innovation strategy, and that led us to embed Global Digital Disbursement into CashPro, Bank of America’s platform that customers use for their transaction banking needs. Now global digital disbursement customers have access to other innovations such as our self-service tool CashPro Chat with Erica, and cash forecasting solution, CashPro Forecasting.

restrictions: What is Bank of America’s product development roadmap?

As: The product roadmap for the team I support is focused on three outcomes: enabling popular payments rails, expanding our global reach, and providing value-added overlay services that hide the underlying complexity of digital consumer payments. . For example, we plan to add more real-time and alias-based payment schemes to global digital disbursements, such as International Pay to Card so that companies can make high-volume, low-value payments on customers’ enabled debit cards globally. Can do. ,

Our customers play a key role in prioritizing what we develop because everything we do is driven by the desire to solve their needs. In recent times, those needs have included solutions that address security, transparency, and ease of integration.

restrictions: Where does Bank of America stand in terms of global disbursement capabilities today, and where do you aim to be?

As: Global Digital Disbursements offers a robust suite of digital payment solutions to clients operating in the US with disbursements through Zelle paypal, and through PayPal Wallet in over 90 countries internationally. In Canada, our solution is connected to Canadian Payments Rail interacWhich also supports payment requests.

In 2024, we will continue to advise our clients on best practices for the shift to digital payments, and in the first quarter, we will introduce another disbursement option for payments in the US.

restrictions: How does your industry experience help guide your overall strategy and leadership style?

As: My team constantly evaluates industry trends and brings digital payments experiences to life for our customers, which requires foresight and discipline to execute both short- and long-term strategic initiatives. This has helped me develop a leadership style that emphasizes professional curiosity and openness to new ideas, with a focus on implementation.

I strongly believe that regular interaction with customers and a focus on solving their challenges is the key to staying on track in such innovative times, and I couldn’t be more fortunate to be a part of the exciting evolution of payments in an increasingly digital world. Can’t feel.


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