Bank of America to Launch Cross-Border Real-Time Payments Solution
Bank of America announced that it will launch a cross-border real-time payments service next quarter, aiming to provide businesses and ecommerce platforms with faster and more transparent fund settlement for high-frequency, low-value cross-border transactions.
What are the key facts?
- 1Launch timing: Next quarter
- 2Supported channels: Swift and CashPro
- 3Target use cases: B2C, P2P, and ecommerce seller payments
What happened?
Bank of America plans to provide cross-border real-time payments through Swift and CashPro, focusing on high-frequency, low-value use cases such as ecommerce seller collections and gig-economy payments. The service aims to reduce costs and enable real-time fund tracking with full-value settlement.
What does this mean for cross-border sellers?
Cross-border sellers may gain a more efficient channel for receiving funds, helping improve cash-flow management and reduce cross-border settlement costs.