Innovations in AI, APIs, and digital tools helped banks improve operations, customer engagement, and financial inclusion in the last year. Global Finance announces the 2025 Innovators from North America.
Regional Winners
Most Innovative Bank in North America | BANK OF AMERICA
Bank of America’s (BofA’s) dedication to improving customer experience is evident in the 12% increase in digital interactions by clients last year, reaching a recordbreaking 26 billion interactions. Corporate clients made over $1 trillion in payment approvals on the bank’s CashPro app in 2024—a 25% increase year on year.
Notable CashPro Data Intelligence innovations include CashPro Search with Investigations—the first comprehensive search-and-investigation tool across transaction types. Another innovation is CashPro Capital Markets Insights, which is the first integrated capital markets experience available in a treasury mobile app, offering access to investment-grade secondary bond pricing alongside treasury information.
The bank also launched Virtual Payables Direct, an innovative solution that combines BofA’s card-issuance, merchant-acquisition, and payment capabilities. For the first time, buyers can benefit from the working capital advantages of a card transaction while paying suppliers who prefer direct bank transfers: Payments begin as card transactions but are delivered to suppliers as bank transfers, ensuring that suppliers get paid quickly while buyers benefit from extended payment terms.
Most Innovative Financial Technology Company in North America | BATTERY FINANCE
In November 2024, Battery Finance executed a pioneering financial transaction by establishing a bitcoin reserve with shared appreciation benefits for both borrower and lender. This innovative approach was integrated into the collateral package for the refinancing of Project Bank Street Court, a seasoned multifamily mixed-use asset located in Center City, Philadelphia.
This groundbreaking transaction effectively enabled borrowers to leverage Bitcoin as collateral for loans. The structure of the deal was unique in its dual-collateralized nature—by combining Bitcoin with traditionally financeable assets, Battery Finance offered borrowers uncorrelated downside protection and enhanced the overall collateral package. This novel approach to collateralization mitigated risks associated with the volatility of Bitcoin while still allowing borrowers to capitalize on its potential for appreciation.
Innovations In Finance Globally From North America
Lumi Assistant | BMO
BMO uses an employee-assisting Gen AI solution, incorporating Amazon Web Services and Anthropic’s large language model, to read, interpret, and summarize complex documents including policies, procedures, operating manuals, and regulatory documents in a user-friendly format. Launched in March to support 200 employees, Lumi Assistant was expanded in April to support some 8,500 Canadian front-line bank employees. By the end of this year, BMO plans to make the solution available to over 14,600 Canadian personal and business banking employees.
Virtual Account Based Solutions (VABS) | BNY
In January, BNY launched VABS, a cash management solution that promises to provide clients with improved control and access to cash administration activities and reporting capabilities. VABS is one of the first cash management systems to offer instant access to robust, real-time transaction and balance reporting at the individual virtual account level and ACH allocations at the virtual account level. Virtual accounts can be linked to physical accounts within BNY and payments are reflected in real time.
Tokenization of the 1708 Stradivarius Violin, “Empress Caterina” | GALAXY DIGITAL
Galaxy Digital’s groundbreaking tokenization of the 1708 Stradivarius violin “Empress Caterina” last year established a new paradigm for high-value collectibles in the digital financial landscape. By enabling on-chain ownership tracking, the NFT ensures an immutable record while unlocking the potential for decentralized finance backed by real-world assets.
Asset Tokenization Studio| HEDERA
Hedera’s Asset Tokenization Studio, launched last September, is an open-source toolkit that streamlines the tokenization of bonds and equities. By integrating ownership records, compliance features, document management, and notifications directly on-ledger, it eliminates the need for off-chain data management, thereby reducing operational risk. The end-to-end solution improves upon the ERC-1400 standard, enabling full lifecycle management of tokenized assets.
TPRM Accounting Fintech, aka Sustainability Accounting Fintech (SAF)| LELE-HCM
SAF uses AI to enhance financial analysis and risk management via two platforms: Fintech V1 and Fintech V2. V1 generates reports for banks and third parties, helping to calculate risk-weighted assets. V2 allows for continuous monitoring and control, facilitating on-balance-sheet netting. Basel III regulations have shifted focus from the internal ratings-based approach to standardized methods for recognizing credit risk mitigation, a shift supported by SAF’s platforms.
Zenus Embedded Banking| ZENUS BANK
Last November, the Puerto Rico-based digital bank launched a first-of-its-kind, fully embedded banking platform. The API-driven solution enables other financial institutions around the world to set up dedicated US dollar accounts, process international payments, and offer cross-border Visa card issuance.
