Bank Of America Unveils Real-Time Cross-Border Payments Service
By CU Today Staff —
NEW YORK— Bank of America said it plans to launch a new cross-border real-time payments service next quarter that will allow corporate, commercial and financial institution clients to send and receive international payments instantly through Swift or the bank’s CashPro platform.
The new service is designed for high-volume, low-value international transactions and is aimed at growing payment categories such as remittances, gig-worker payouts and e-commerce marketplace disbursements. Bank of America said the offering will provide real-time payment tracking, full-principal delivery with no deductions, and lower transaction costs.
According to the bank, the platform will connect to several existing real-time payment networks, including Mexico’s SPEI, the United Kingdom’s Faster Payments Service and India’s Unified Payments Interface. Clients also will be able to receive inbound real-time payments into the United States, with funds delivered in local currencies.
“Around the world, policymakers and financial institutions share a common goal: making cross-border payments faster, more transparent, more affordable, and more accessible,” Mark Monaco, head of Global Payments Solutions at Bank of America, said in a statement.
The bank said the service will also include recipient-account pre-validation to reduce failed payments and provide real-time visibility into payment status from initiation through settlement.
Originally reported by CU Today.