Bank of America to Launch Cross-Border Real-Time Payments Solution
Bank of America plans to launch a cross-border real-time payments service, enabling corporate customers to make instant fund transfers through Swift or CashPro. The service aims to improve the transparency and speed of cross-border transactions, reduce operational complexity, and support fund repatriation and supply-chain payments for cross-border ecommerce 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 that it will launch a cross-border real-time payments solution to meet global demand for faster, more transparent, and more cost-effective payment methods. The service is expected to go live next quarter and will support high-frequency, low-value international payments, including seller settlements on cross-border ecommerce platforms and payments in the gig economy.
What does this mean for cross-border sellers?
Faster cross-border payments could shorten sellers’ cash-conversion cycles and reduce potential exposure to exchange-rate fluctuations.