Bank of America to Launch Cross-Border Real-Time Payment Solution
Bank of America plans to launch a cross-border real-time payment solution next quarter through Swift or CashPro. The service is intended to provide ecommerce sellers and businesses with more transparent, faster, and lower-cost fund settlement.
What are the key facts?
- 1Launch timing: Next quarter
- 2Core functions: Real-time payment tracking, full-value settlement, and lower costs
- 3Supported scenarios: Payments to ecommerce platform sellers and cross-border remittances
What happened?
Bank of America announced that it will launch a cross-border real-time payment solution supporting high-frequency, low-value cross-border transactions, including payments to ecommerce platform sellers. The solution will provide real-time tracking and full-value settlement to address growing global payment demand.
What does this mean for cross-border sellers?
Cross-border sellers will have more efficient options for receiving funds, which may improve cash-flow turnover and reduce cross-border payment fees.