Bank of America to Launch Cross-Border Real-Time Payments Solution
Bank of America plans to launch a cross-border real-time payments solution next quarter to provide businesses and financial institutions with faster and more transparent fund transfers. The service targets high-frequency, low-value transactions in areas such as cross-border e-commerce and the gig economy, aiming to reduce payment costs and improve settlement speed.
What are the key facts?
- 1Cross-border real-time payments solution expected next quarter
- 2Supports Swift or CashPro platforms
- 3Targets high-frequency, low-value B2C and P2P transactions
- 4B2C cross-border payment flows expected to grow 131% by 2032
What happened?
Bank of America announced that it will launch a cross-border real-time payments solution supporting instant payments through the Swift or CashPro platforms. The service is designed to address demand for high-frequency, low-value payments in areas including cross-border e-commerce and the gig economy, offering real-time tracking and full-value delivery. It is expected to launch next quarter.
What does this mean for cross-border sellers?
Faster cross-border payments could significantly improve sellers’ cash-flow turnover. Monitor access to bank-grade real-time payment solutions to reduce funds-in-transit costs and improve cross-border settlement.