Bank of America plans to launch a cross-border real-time payments service next quarter for corporate, commercial and financial institution clients.
The service will allow clients to send and receive funds instantly through Swift or the bank’s CashPro platform.
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It is designed for high-volume, low-value international payments, the bank said.
The new offering will support uses including international remittances, gig worker payouts and e-commerce marketplace vendor payments.
The service will connect to several real-time payment networks, including SPEI in Mexico, the Faster Payments Service in the UK and Unified Payments Interface (UPI) in India.
Clients will also be able to receive inbound real-time payments into the US. Funds will be delivered to beneficiaries in local currency.
Corporate and financial institution clients will be able to access the service through Swift or existing CashPro connections, including APIs and host-to-host channels.
Bank of America added the service will include real-time payment tracking, no lifting fees or deductions, pre-validation of recipient account details and payments delivered typically within seconds or minutes.
Bank of America head of Global Payments Solutions (GPS) Mark Monaco said: “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.”
Daniel Stanton, payments product head in GPS at Bank of America, said: “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.”
