Bank of America to Launch Cross-Border Real-Time Payments Solution
Bank of America announced plans to launch a cross-border real-time payments solution, enabling businesses to make instant fund transfers through Swift or the CashPro platform. The service is designed to address common cross-border payment challenges, including limited transparency, high costs and slow settlement, with applications such as ecommerce seller payouts.
What are the key facts?
- 1Customers: Businesses, commercial clients and financial institutions
- 2Key features: Real-time payment tracking, full-principal delivery and lower costs
- 3Channels: Swift or CashPro platform
What happened?
Bank of America plans to introduce a new cross-border real-time payments feature to meet businesses’ demand for faster and more transparent payments. The solution will support multiple use cases, including international remittances, gig-economy payments and ecommerce marketplace seller payouts. Customers will be able to track payments in real time and ensure that the full principal amount arrives, while reducing transaction costs. The move responds to the shared goal among financial institutions worldwide of improving cross-border payment efficiency.
What does this mean for cross-border sellers?
More efficient cross-border payments could directly improve sellers’ cash-flow turnover. As real-time bank payment solutions become more widely adopted, payout cycles may shorten further and cash-management costs may decline.