Bank of America Plans Cross-Border Real-Time Payments Solution to Improve Global Fund Flows
Bank of America announced that it plans to launch a cross-border real-time payments solution next quarter, aiming to provide businesses and e-commerce platforms with faster and more transparent settlement services.
What are the key facts?
- 1Expected launch: next quarter
- 2Platforms: Swift or CashPro
- 3Target use: high-frequency, low-value transactions (P2P/B2C)
- 4B2C payment flows forecast to grow 131% by 2032
What happened?
Bank of America plans to launch a cross-border real-time payments service next quarter. Through the Swift or CashPro platforms, the service will provide corporate, commercial, and financial institution customers with real-time fund transfer capabilities. It is designed to meet growing global demand for faster and more transparent payments, particularly for international remittances, gig-economy payments, and seller settlements on e-commerce platforms. B2C cross-border payment flows are forecast to grow 131% by 2032.
What does this mean for cross-border sellers?
Cross-border sellers could benefit from faster access to funds, reducing capital tied up in traditional bank transfers and losses from exchange-rate costs while improving cash-flow turnover.