Bank of America unveils cross-border real-time payments service, joins tokenized deposit network
BAC•Bank of America will launch a cross-border real-time payments service next quarter, letting clients send Swift or CashPro transfers via Mexico’s SPEI, the UK Faster Payments and India’s UPI with pre-validation and no fees. Also joins Clearing House-backed tokenized deposit network with JPMorgan, Citi and Wells Fargo for deposit interoperability.
1. Upcoming cross-border real-time payments service
Bank of America will introduce a cross-border real-time payments service next quarter for corporate and financial institution clients. The offering will enable senders and beneficiaries to transact via Swift or CashPro with routing through Mexico’s SPEI, the UK Faster Payments Service and India’s UPI, featuring pre-validation, no lifting fees and real-time tracking.
2. Participation in tokenized deposit network
The bank is joining the Clearing House-backed tokenized deposit network alongside JPMorgan, Citi and Wells Fargo. This alliance aims to standardize the issuance, redemption and transfer of digital representations of deposits, enhancing interoperability and security for participating institutions.
3. Upstate South Carolina market leadership appointment
Chip McLeod has been named president of Upstate South Carolina, succeeding Stacy Brandon who retired after 39 years at the bank. McLeod will oversee market share expansion across Anderson, Greenville, Laurens, Pickens and Spartanburg counties, leveraging 270 employees at 20 local branches to deepen client relationships.
