Bank of America to Launch Cross-Border Real-Time Payments Next Quarter
Bank of America announced that it will launch a cross-border real-time payments solution in the third quarter of this year, enabling businesses and financial institutions to settle funds instantly through Swift or CashPro. The service is intended to address delays and high costs in cross-border payments, particularly for e-commerce platform supplier settlements and gig-economy payments.
What are the key facts?
- 1Launch: Q3 2026
- 2Core function: Cross-border real-time fund transfers
- 3Channels: Swift and CashPro
- 4Target use cases: B2C, P2P and e-commerce platform supplier payments
What happened?
Bank of America plans to launch a new cross-border real-time payments service next quarter to improve the transparency and speed of global fund flows. The solution will support multiple real-time payment networks, including the UK’s Faster Payments, India’s UPI and Mexico’s SPEI. The move responds to the G20’s initiative to improve cross-border payments and will provide corporate clients with more efficient global cash-management tools.
What does this mean for cross-border sellers?
Cross-border e-commerce sellers may eventually be able to repatriate funds faster through the service while reducing foreign-exchange risks and settlement fees. Monitor its support for e-commerce platform settlements to optimize cash-flow management in the future.