Bank of America to Launch Cross-Border Real-Time Payment Solution
Bank of America announced plans to launch a cross-border real-time payment service next quarter, aiming to provide businesses and ecommerce platforms with more transparent, lower-cost settlement as global payment demand grows rapidly.
What are the key facts?
- 1Launch timing: Next quarter
- 2Core functions: Real-time payments, full-value delivery, and lower costs
- 3Supported channels: Swift and CashPro
What happened?
Bank of America plans to launch a cross-border real-time payment solution that will support instant fund transfers for businesses and financial institutions through Swift or CashPro. The service is intended to address the slow speed and high cost of cross-border payments, support full-value delivery, and provide real-time tracking. It will primarily serve high-frequency, low-value payments by ecommerce sellers and B2C transactions.
What does this mean for cross-border sellers?
Cross-border sellers may benefit from faster cash repatriation and potentially lower payment costs. Monitor updates to bank-side settlement interfaces.