Bank of America to Launch Cross-Border Real-Time Payments Solution Next Quarter
Bank of America announced it will launch a cross-border real-time payment solution in the third quarter of this year, enabling businesses and financial institutions to perform instant fund settlements via Swift or CashPro platforms. This service aims to address delays and high costs in cross-border payments, particularly for e-commerce platform vendor settlement and gig economy payments.
What are the key facts?
- 1Launch date: Q3 2026
- 2Core feature: Cross-border real-time fund transfers
- 3Supported channels: Swift, CashPro
- 4Target scenarios: B2C, P2P, e-commerce vendor payments
What happened?
Bank of America plans to launch a new cross-border real-time payment service next quarter to enhance the transparency and speed of global fund flows. The solution supports multiple real-time payment networks, including the UK's Faster Payments, India's UPI, and Mexico's SPEI. This initiative responds to the G20's call for improving cross-border payments and will provide clients with a more efficient global fund management tool.
What does this mean for cross-border sellers?
Cross-border e-commerce sellers can expect faster cash flow through this service, reducing currency risk and transaction fees in cross-border settlements. It is recommended to pay attention to the support for e-commerce platform settlements provided by this service to optimize cash flow management in the future.