Bank of America Expands into Instant Cross-Border Payments
Bank of America is actively developing instant cross-border payment services to connect global real-time payment networks and provide more efficient international settlement for e-commerce platforms and the gig economy.
What are the key facts?
- 1Business focus: Instant cross-border payments
- 2Network coverage: The United Kingdom, India, Mexico, and other markets
What happened?
Bank of America announced that it will focus on developing instant cross-border payment capabilities to meet demand from the e-commerce market and individuals sending money internationally. The service will connect to real-time payment networks in the United Kingdom, India, Mexico, and other markets, significantly improving cross-border settlement efficiency. The bank will also continue optimizing its services to adapt to rapidly changing market demand and strengthen the flow of funds in cross-border e-commerce. The new business is expected to help reduce sellers’ cash-conversion times and lower transaction risks.
What does this mean for cross-border sellers?
Cross-border e-commerce sellers may eventually reduce the time and fee costs of international settlement through more efficient banking payment channels. Monitor the bank’s latest policies and products and adjust payment strategies in a timely manner.