Bank of America, one of the world’s largest financial institutions serving roughly 70 million consumer and small-business clients in the United States alone, is preparing to roll out a cross-border real-time payments solution for its corporate, commercial and financial institution clients.
The service will allow clients to send and receive funds internationally in real time via Swift or Bank of America’s CashPro digital platform, including through APIs and host-to-host channels. Full principal preservation means the entire payment amount arrives with the beneficiary, with no deductions or lifting fees, while pre-validation of recipient account details is expected to reduce failed payment rates. Payments can be initiated at any time, with funds typically settling within seconds or minutes.
The launch is scheduled for next quarter and is designed for high-volume, low-value international transfers. Use cases include international remittances, payouts to gig workers, and vendor payments for e-commerce marketplaces. Person-to-person and business-to-consumer payment flows of this kind are projected to rise by 58% and 131% respectively by 2032.
The capability will connect to a number of established real-time payment networks: SPEI in Mexico, the Faster Payments Service in the United Kingdom, and the Unified Payments Interface in India. Inbound real-time payments into the United States will also be supported, with funds delivered to beneficiaries in local currency.
Bank of America is a global banking institution offering a broad range of financial services to consumers, small businesses, and large corporate and institutional clients worldwide, operating a widely used digital banking platform in CashPro.
The solution has been designed with alignment to the G20’s cross-border payments objectives in mind, targeting improvements in speed, transparency, cost and accessibility. Clients accessing the service will gain real-time status visibility and confirmation once funds have been credited to the beneficiary.
Bank of America head of Global Payments Solutions 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.”
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