Bank of America to Launch Cross-Border Real-Time Payments Solution
Bank of America announced plans to launch a cross-border real-time payments solution next quarter, aiming to provide businesses and ecommerce platforms with faster and more transparent settlement services. The service is specifically designed for high-frequency, low-value scenarios such as payments to cross-border ecommerce sellers and is expected to significantly reduce the cost of moving funds across borders.
What are the key facts?
- 1Launch: next quarter
- 2Platforms: Swift or CashPro
- 3Target: B2C and cross-border ecommerce seller payments
What happened?
Bank of America plans to launch a cross-border real-time payments service next quarter, supporting instant fund settlement through the Swift or CashPro platforms. The solution is intended to address demand for fast, transparent payments in cross-border ecommerce, the gig economy, and other sectors. Such B2C cross-border payment flows are expected to grow substantially by 2032.
What does this mean for cross-border sellers?
More efficient cross-border payment options could improve sellers’ cash flow turnover. Sellers should monitor the service’s fees and coverage after launch and optimize their financial management accordingly.