Bank of America to Launch Cross-Border Real-Time Payment Service
Bank of America plans to launch a cross-border real-time payment solution next quarter, supporting instant fund settlement through Swift or CashPro to reduce cross-border transaction costs and improve transparency.
What are the key facts?
- 1Launch timing: Next quarter
- 2Functions: Real-time cross-border payments and payment tracking
- 3Use cases: Ecommerce-platform seller settlements and cross-border remittances
What happened?
Bank of America announced that it will launch a cross-border real-time payment service for corporate customers, optimized particularly for high-frequency, low-value use cases such as ecommerce-platform seller settlements.
What does this mean for cross-border sellers?
Cross-border fund repatriation may become faster. Monitor updates to bank payment tools and use them to improve cash-flow management.