Bank of America to Launch Cross-Border Real-Time Payment Service
Bank of America plans to launch a cross-border real-time payment service next quarter aimed at providing more efficient settlement solutions for businesses and financial institutions. The service supports real-time payment tracking and connects multiple global real-time payment networks, making it especially suitable for cross-border settlement needs of e-commerce platform suppliers, significantly shortening fund arrival times and reducing operational complexities.
What are the key facts?
- 1Service supports Swift and CashPro platforms
- 2Covers markets including Mexico, UK, and India
- 3Supports real-time settlements for e-commerce platform suppliers
What happened?
Bank of America has announced that it will launch a new cross-border real-time payment service next quarter, primarily targeting corporate, commercial, and financial institution clients. This service will allow customers to instantly send and receive funds via Swift or CashPro, supporting various scenarios including settlement for e-commerce platform suppliers, international remittances, and gig payments. The system has connected to several real-time payment networks, including SPEI (Mexico), Faster Payments Service (UK), and UPI (India), and offers real-time tracking, aiming for fund arrivals in seconds or minutes, without incurring additional intermediary fees.
What does this mean for cross-border sellers?
The improvement in cross-border payment efficiency will greatly ease cash flow pressures for sellers, especially in high-frequency, small-value transactions. Sellers should monitor the support of this service for settlements on major e-commerce platforms to optimize their fund management efficiency.