Rich Clow of Bank of America on driving payments innovation at scale
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Rich Clow of Bank of America on driving payments innovation at scale
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In this episode, I sit down with Rich Clow, Head of Innovation and Strategy, Global Payments Solutions at Bank of America, to explore how one of the world's largest financial institutions is approaching payments innovation, such as instant payments and digital wallet technology. Rich shares insights into Bank of America's unique perspective, given their scale of serving tens of millions of consumers and small businesses alongside 40,000 global corporates operating across 140+ currencies.
The conversation delves into the bank's approach to the Paze digital wallet, why instant payments adoption is lagging behind other markets, and the critical importance of accessing real-time payment data to better serve clients. Rich also discusses the challenges and opportunities of driving innovation at scale as well as partnering with fintechs while ensuring the scalability and resiliency needed to support their massive transaction volumes.
In this podcast you will learn:
- Rich’s background and what his role entails at BofA.
- What consumers, small businesses, wealth management and global corporates have in common when it comes to payments.
- BofA’s global footprint outside this country.
- Why instant payments has not taken off here as it has in other countries.
- What use cases for instant payments have the most potential.
- The gap in the market that the Paze digital wallet is addressing.
- How they are measuring success with Paze.
- How their enterprise clients are using Cash Pro, their corporate digital solution.
- What BofA is looking for when partnering with fintechs.
- How they decide whether to build, buy, or partner.
- What Rich is hearing from their clients about use cases for stablecoins.
- What it is going to take for more payments to occur on the new payments rails.
- How their corporate clients are able to work with fintechs through BofA.
- What Rich is most excited about for the future of payments.
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