Bank of America to Launch Cross-Border Real-Time Payments Solution
Bank of America announced that it will launch a cross-border real-time payment service next quarter to provide business customers with faster, more transparent, and lower-cost international fund transfers. The service will support high-frequency, low-value B2C payments, serving the collection needs of cross-border ecommerce sellers and payments in the gig economy.
What are the key facts?
- 1Cross-border real-time payments to launch next quarter
- 2Supports Swift and CashPro platforms
- 3B2C payment flows expected to grow 131% by 2032
What happened?
Bank of America plans to launch a cross-border real-time payments solution that will enable instant fund receipt through Swift or CashPro. The service is designed to meet global demand for greater transparency, speed, and cost control in cross-border payments, particularly for high-frequency use cases such as ecommerce seller collections.
What does this mean for cross-border sellers?
Cross-border sellers will gain a more efficient channel for receiving funds, which may help improve cash-flow management and reduce the time costs and foreign-exchange risks of cross-border settlement.