Bank of America announces cross-border real-time payments solution for corporate and financial clients

Bank of America has announced plans to launch a cross-border real-time payments solution designed to enable its corporate, commercial, and financial institution clients to send and receive funds instantly. 

The new service will operate via SWIFT or the bank’s flagship digital platform, CashPro®, offering real-time payment tracking, full principal preservation, and reduced costs.

Mark Monaco, Head of Global Payments Solutions (GPS) at Bank of America, 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.”

Addressing the demand for faster, transparent global payments

Scheduled for launch next quarter, the solution targets high-volume, low-value international payments. It is crafted to meet the growing demand for faster and more transparent cross-border payment capabilities. 

International remittances, gig worker payouts, and vendor payments in e-commerce are among the use cases. Forecasts show that person-to-person (P2P) payments will grow by 58% and business-to-consumer (B2C) payments by 131% by 2032.

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.”

Using existing real-time payment networks

The new service will link with established real-time payment networks like SPEI in Mexico, 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 United States, where Bank of America serves approximately 70 million consumer and small-business clients. Payments will be delivered in local currency, enhancing certainty and usability for beneficiaries.

Corporate and financial institution clients can access the service through SWIFT or their existing CashPro connectivity, whether via application programming interfaces (APIs) or host-to-host channels. 

This design minimises technical overhead and facilitates rapid adoption across diverse client segments.

Key benefits of the solution

There are several benefits of this solution.

Payment tracking. Real-time status visibility and confirmation once funds are credited.

Principal preservation. No lifting fees or deductions; the beneficiary receives the full payment amount.

Reduced returns. Pre-validation of recipient account information to minimise failed payments.

Precision timing. Payments can be initiated at any time, with funds typically delivered within seconds or minutes.

Bank of America’s cross-border real-time payments solution offers a quicker, more transparent, and cost-effective way to conduct international transactions.