Bank of America to Launch Q3 Real-Time Cross-Border Payments to Mexico, UK, India
BAC•Bank of America will introduce real-time cross-border settlement in Q3 for high-volume, low-value business payments via Swift and its CashPro app, initially connecting SPEI (Mexico), the UK’s Faster Payments Service and India’s UPI. Features include payment tracking, fee-free transfers, pre-validation and global scheduling.
1. Launch Timeline
Bank of America will introduce its real-time cross-border settlement service in the third quarter, targeting high-volume, low-value transfers.
2. Initial Market Corridors
The bank will connect to Mexico’s SPEI network, the UK’s Faster Payments Service and India’s Unified Payments Interface, while enabling inbound real-time transactions into the United States.
3. Service Features
Customers will access payment tracking, fee-free transfers, pre-validation of recipient accounts and scheduling capabilities, with funds typically delivered within seconds or minutes.
4. Target Clients
The service is designed for corporate, commercial and financial clients, particularly smaller businesses expanding internationally, leveraging Bank of America’s 70 million U.S. consumer and small-business relationships.
