Bank of America to Launch Cross-Border Real-Time Payments Solution | LeapRate | Online Trading Industry News, Broker Intelligence & Fintech Analysis
Bank of America announced last week that it plans to launch a cross-border real-time payments solution that will allow corporate, commercial, and financial institution clients to send and receive funds internationally in real time.
The service is expected to go live next quarter.
The offering will be accessible via Swift or the bank’s existing CashPro digital platform, through API or host-to-host connectivity, and is designed to support high-volume, low-value payment flows such as international remittances, gig-worker payouts, and e-commerce marketplace vendor payments.
Person-to-person and business-to-consumer cross-border flows are projected to increase by 58% and 131%, respectively, by 2032.
The solution will connect to several domestic real-time payment networks, including the Faster Payments Service in the United Kingdom, SPEI in Mexico, and the Unified Payments Interface in India.
Bank of America explained that clients will also be able to receive inbound real-time payments into the United States.
Funds will be delivered to beneficiaries in local currency, with full principal preservation, meaning no lifting fees or deductions are applied en route.
“This new capability directly supports the G20 payment objectives while giving our clients a scalable, reliable way to move money globally—without adding operational complexity,” commented Mark Monaco, head of global payments solutions at Bank of America.
Additional features include real-time payment tracking, pre-validation of recipient account information to reduce failed payments, and the ability to initiate payments at any time, with funds typically delivered within seconds or minutes.
Bank of America processes more than $450 trillion in payments annually and invests approximately $1 billion each year in payments technology.
