Bank of America to Launch Cross-Border Real-Time Payments Solution
Bank of America plans to launch cross-border real-time payment services, enabling corporate clients to conduct instant fund transfers through the Swift or CashPro platforms. This service aims to enhance the transparency and speed of cross-border transactions, reducing operational complexity and positively impacting cash flow and supply chain payments for cross-border e-commerce sellers.
What are the key facts?
- 1Supports Swift and CashPro platforms
- 2Expected to launch next quarter
- 3Aims to reduce cross-border payment costs
What happened?
Bank of America announced it will introduce a cross-border real-time payment solution to meet the global demand for faster, more transparent, and economical payment methods. This service is expected to launch next quarter, supporting high-frequency, small-value international payments suitable for cross-border e-commerce platform seller settlements and gig economy payments.
What does this mean for cross-border sellers?
The enhancement of cross-border payment efficiency will help sellers shorten their cash turnover cycles and reduce potential risks from exchange rate fluctuations.