Bank of America Plans to Launch Cross-Border Real-Time Payments Solution to Optimize Global Fund Transfers
Bank of America announced it will launch a cross-border real-time payment solution next quarter designed to provide faster and more transparent settlement services for businesses and e-commerce platforms.
What are the key facts?
- 1Expected to launch next quarter
- 2Supports Swift or CashPro platforms
- 3Targets high-frequency low-value transactions (P2P/B2C)
- 4B2C payment flows expected to grow 131% by 2032
What happened?
Bank of America plans to launch a cross-border real-time payment service next quarter, aimed at providing immediate fund transfer capabilities for businesses, commercial, and financial institutions via Swift or CashPro platforms. This service targets the increasing global demand for faster and more transparent payments, especially for transactions in international remittances, gig economy payments, and e-commerce platform settlements. It is expected that B2C cross-border payment flows will increase by 131% by 2032.
What does this mean for cross-border sellers?
Cross-border sellers will benefit from improved speed of fund recovery, reducing capital occupation and exchange losses caused by traditional bank transfers, enhancing cash flow turnover.