Bank of America to Launch Cross-Border Real-Time Payments Service Supporting 58% and 131% Flow Growth
BAC•Bank of America will launch next quarter a cross-border real-time payments service to send and receive funds instantly via Swift or CashPro with full-principal delivery and tracking. It supports P2P and B2C flows rising 58% and 131% by 2032, using rails like SPEI, FPS and UPI for local-currency delivery.
1. Planned Launch and Service Overview
Next quarter Bank of America will introduce a global cross-border real-time payments service enabling corporate and institutional clients to send and receive funds instantly through Swift or CashPro. The solution delivers full-principal amounts, real-time status tracking and reduced transaction costs within seconds or minutes.
2. Market Opportunity and Growth Projections
The offering targets high-volume, low-value international payments such as person-to-person remittances and business-to-consumer payouts. These flows are forecast to rise by 58% for P2P and 131% for B2C transactions by 2032, reflecting growing demand from gig workers, e-commerce marketplaces and remittance corridors.
3. Network Connectivity and Client Access
The service will integrate with real-time payment rails including Mexico’s SPEI, the UK’s Faster Payments Service and India’s Unified Payments Interface, while supporting inbound real-time receipts into the U.S. Clients can access the platform via existing Swift connections or CashPro APIs and host-to-host channels, minimizing implementation overhead.
4. Client Benefits and Strategic Impact
Key advantages include full-amount delivery with no lifting fees, pre-validation to reduce returns, and precise timing aligned with G20 cross-border payment objectives. By leveraging established domestic real-time networks, the bank offers scalable, transparent and cost-effective global payment capabilities without requiring clients to invest in new infrastructure.
