Bank of America to launch real-time cross-border payments service for business clients

The upcoming service will enable businesses and financial institutions to send and receive international payments instantly through existing banking channels, supporting growing demand for faster and more transparent global money movement.

Bank of America is preparing to roll out a new real-time cross-border payments service aimed at corporate, commercial and financial institution clients, expanding its capabilities in the rapidly evolving global payments landscape.

The service, expected to launch next quarter, will allow customers to send and receive international payments almost instantly through either the Swift network or the bank’s CashPro digital banking platform. It is designed primarily for high-volume, lower-value transactions, a segment that has seen increasing demand as businesses seek faster and more efficient payment options.

According to the bank, the new offering will support a range of use cases, including international remittances, payments to gig-economy workers, and settlements for vendors operating on e-commerce marketplaces. The initiative reflects growing pressure on financial institutions to improve the speed, transparency and accessibility of cross-border transactions.

Integration with real-time payment networks

To facilitate instant international transfers, the service will connect with several established real-time payment infrastructures around the world. These include Unified Payments Interface in India, the Faster Payments Service in the United Kingdom, and SPEI in Mexico.

The integration will enable businesses to move funds across borders more efficiently while ensuring recipients receive payments in their local currencies. In addition to outbound transactions, the platform will also support inbound real-time payments into the United States, where Bank of America serves millions of consumer and small-business customers.

By leveraging existing Swift and CashPro connectivity, the bank aims to minimize technical complexity for clients while enabling faster adoption of the service.

Focus on transparency and efficiency

Bank of America said the platform will offer payment tracking capabilities and help preserve the principal amount transferred, providing greater visibility into international transactions.

Mark Monaco, Head of Global Payment Solutions at Bank of America, said the banking industry and policymakers worldwide are working toward a common objective of making cross-border payments faster, more affordable and easier to access.

He noted that the new capability aligns with broader international efforts, including the G20’s goals for improving global payment systems, while offering businesses a scalable way to move money internationally without significant operational changes.

The launch highlights the banking sector’s continued investment in real-time payments infrastructure as demand for faster global transactions continues to grow.