Bank of America Targets Instant Cross-Border Payments
Bank of America is connecting global real-time payment networks to improve cross-border payment efficiency, focusing on supplier payments for ecommerce platforms and gig-economy payments.
What are the key facts?
- 1Use cases: international remittances, gig payments and ecommerce platform supplier payments
- 2Connected networks: SPEI (Mexico), Faster Payments (UK), UPI (India)
- 3Forecast: ecommerce payment flows expected to grow 131%
What happened?
Bank of America is working to enable instant cross-border payments for international remittances, gig payments and ecommerce platform supplier payments. The system will connect real-time payment networks including Mexico’s SPEI, the UK’s Faster Payments and India’s UPI. Ecommerce business-to-consumer payment flows are expected to grow 131% by 2032.
What does this mean for cross-border sellers?
More efficient cross-border payments could further reduce sellers’ working-capital costs. Sellers should monitor service upgrades from major banks in cross-border settlement.