Bank of America has announced plans to launch a cross-border real-time payments solution next quarter, empowering corporate, commercial, and financial institution clients to execute instant international fund transfers via Swift or its flagship digital platform, CashPro. Developed to address the escalating demand for faster, transparent global transactions, the incoming service is purpose-built to streamline high-volume, low-value flows—including international remittances, gig-worker payouts, and e-commerce marketplace vendor payments. The infrastructure seamlessly links into established local networks, such as Mexico’s SPEI, the United Kingdom’s Faster Payments Service, and India’s Unified Payments Interface, facilitating direct local-currency delivery to beneficiaries and inbound tracking within the United States. Key features of the offering include real-time visibility, pre-validation of recipient account data to drastically minimize failed payments, and full-principal preservation without any hidden lifting fees or transaction deductions.
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Commenting on the milestone, Mark Monaco, head of Global Payments Solutions (GPS) at Bank of America, stated, “Around the world, policymakers and financial institutions share a common goal: making cross‑border payments faster, more transparent, more affordable, and more accessible. 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.” Furthermore, the platform integrates via host-to-host channels or application programming interfaces (APIs) to minimize technical overhead. Highlighting the system’s architecture, Daniel Stanton, Payments Product Head in GPS at Bank of America, added, “We designed this solution with simplicity, trust, and scale in mind. By combining established payment rails with real‑time capabilities and seamless integration, we’re giving clients a practical new option for global payments.”