Bank of America Launches Cross-Border Payments Solution
Bank of America announced a new cross-border payments solution that supports payments through Swift or CashPro. The service offers real-time tracking and principal protection, and connects to international payment networks in countries including China and the United Kingdom, aiming to provide faster and more transparent settlement services for cross-border e-commerce and the gig economy.
What are the key facts?
- 1Supports Swift and CashPro platforms
- 2Features: Real-time payment tracking and principal protection
- 3Connected networks: China UPI and United Kingdom FPS
What happened?
Bank of America released a new cross-border payments solution that allows customers to send funds through Swift or CashPro. The system supports real-time tracking and connects to international networks such as China’s UPI and the United Kingdom’s FPS. It is designed to improve the transparency and speed of cross-border fund flows, reduce operational complexity, and provide businesses with a more convenient payment experience.
What does this mean for cross-border sellers?
The new cross-border payments solution could improve sellers’ cash-flow efficiency and reduce risks associated with exchange-rate fluctuations. Sellers should consider connecting to the payment tool promptly to accelerate and streamline settlement.