Bank of America said it plans to introduce a cross-border real-time payments service next quarter for corporate, commercial, and financial institution clients. The system will allow users to send and receive international payments through Swift or the bank’s CashPro platform.
The service is intended for high-volume, lower-value transactions, including person-to-person remittances, gig economy payouts, and payments to online marketplace sellers. According to the bank, P2P cross-border payment flows are projected to grow by 58% by 2032, while business-to-consumer flows are expected to increase by 131%.
Bank of America stated that the new offering will provide payment tracking, full transfer of the original amount without intermediary deductions, and delivery times measured in seconds or minutes in many cases.
“Around the world, policymakers and financial institutions share a common goal: making cross-border payments faster, more transparent, more affordable, and more accessible,” said Mark Monaco, head of Global Payments Solutions at Bank of America. “This new capability directly supports the G20 payment objectives while giving our clients a scalable, reliable way to move money globally — without adding operational complexity.”
The solution will connect with domestic instant payment systems in multiple markets, including SPEI in Mexico, the Faster Payments Service in the UK, and Unified Payments Interface (UPI) in India. The bank also plans to support inbound real-time transfers into the United States through its consumer and small-business banking network.
Clients will access the service through existing Swift connectivity or through CashPro channels, including APIs and host-to-host integrations. Bank of America said the setup is designed to avoid additional infrastructure investment for clients already connected to its systems.
The bank also said the platform will include account detail validation before transfers are processed to reduce failed payments and returns.
“We designed this solution with simplicity, trust, and scale in mind,” said Daniel Stanton, Payments Product Head in Global Payments Solutions at Bank of America. “By combining established payment rails with real-time capabilities and seamless integration, we’re giving clients a practical new option for global payments.”
The launch comes as financial institutions face increasing pressure to modernize international payment infrastructure. The G20 cross-border payments roadmap, coordinated by the Financial Stability Board and other international organizations, includes targets for faster processing, lower costs, improved transparency, and broader accessibility by 2027.
Bank of America processes more than $450 trillion in payments annually and says it invests around $1 billion each year in payments technology. The bank serves clients in more than 35 countries and operates digital banking services for approximately 59 million verified users.
