Bank of America will launch a cross-border real-time payments solution next quarter. The service targets corporate, commercial, and financial institution clients. Users can access the tool through the CashPro platform or via Swift.
The capability supports high-volume, low-value payments such as remittances and gig worker payouts. Initial connections include real-time networks in Mexico (SPEI), the United Kingdom (Faster Payments Service), and India (Unified Payments Interface). The system delivers all funds in the local currency.
The service aligns with G20 objectives for faster and lower-cost global transactions. Features include real-time payment tracking and pre-validation of recipient information to reduce failures. The bank eliminates hidden fees to ensure pricing transparency.