Bank of America to Launch Cross-Border Real-Time Payments Solution
Bank of America has announced it will launch a cross-border real-time payment service next quarter, aiming to provide corporate clients with a faster, transparent, and lower-cost solution for funds movement across borders. The service will support high-frequency, low-value B2C payments, catering specifically to the needs of cross-border e-commerce sellers and gig economy payments.
What are the key facts?
- 1Launching cross-border real-time payments next quarter
- 2Supports Swift and CashPro platforms
- 3Expected B2C payment flows to increase by 131% by 2032
What happened?
Bank of America plans to introduce a cross-border real-time payment solution that enables instant fund transfers through the Swift or CashPro platforms. This service is designed to meet the demand for transparency, speed, and cost control in cross-border payments globally, particularly for e-commerce sellers' high-frequency transaction scenarios.
What does this mean for cross-border sellers?
Cross-border sellers will benefit from more efficient cash collection channels, helping to optimize cash flow management and reduce the time and currency risk involved in cross-border settlements.