Bank of America to Launch New Cross-Border Real-Time Payments Capability
Bank of America announced a new cross-border real-time payments capability aimed at addressing slow speeds and high costs in global payments. The solution will cover use cases including ecommerce marketplace seller payments and is expected to improve the efficiency and transparency of cross-border settlements, supporting global trade.
What are the key facts?
- 1Use cases: International remittances, gig-economy payments and ecommerce marketplace seller payments
- 2Market forecast: Cross-border B2C payment flows are projected to grow 131% by 2032
- 3Goal: Improve the speed and transparency of cross-border payments
What happened?
Bank of America’s new payments capability is designed to meet growing demand for cross-border payments and support multiple B2C and P2P use cases, including ecommerce seller settlements. As global cross-border payment flows continue to grow, the bank aims to use technology to reduce payment costs and improve the real-time nature and transparency of cross-border transactions.
What does this mean for cross-border sellers?
Wider adoption of real-time cross-border payments could shorten sellers’ cash-repatriation cycles and reduce exposure to exchange-rate fluctuations. Cross-border sellers should monitor upgrades to this financial infrastructure to improve financial-management efficiency.