The service is expected to launch next quarter and will support high volume, low value international payments. Designed to address rising demand for faster and more transparent global payments, the new capability will support use cases such as international remittances, gig worker payouts, and e commerce marketplace vendor payments, among others. These P2P and B2C payment flows are expected to increase by 58% and 131%, respectively, by 2032¹.

“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 (GPS) 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.”

Solution leverages existing real-time networks

The offering will connect to several real time payment networks, including SPEI in Mexico, the Faster Payments Service in the United Kingdom, and Unified Payments Interface in India. Clients will also be able to receive inbound real time payments into the United States, where Bank of America serves approximately 70 million consumer and small-business clients. Funds will be delivered to beneficiaries in local currency, supporting improved certainty and usability.

Seamless connectivity

Corporate and financial institution clients will be able to access the service via Swift or their existing CashPro connectivity, whether through application programming interfaces (APIs) or host to host channels. This approach minimizes technical overhead while enabling rapid adoption across client segments.

Additional benefits include:

• Payment tracking: Real time status visibility and confirmation once funds are credited.

• Principal preservation: No lifting fees or deductions—the full payment amount reaches the beneficiary.

• Reduced returns: Pre validation of recipient account information to help minimize failed payments.

• Precision timing: Payments can be initiated at any time, with funds typically delivered within seconds or minutes.

“We designed this solution with simplicity, trust, and scale in mind,” said Daniel Stanton, Payments Product Head in GPS 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.”

Frequently Asked Questions

1. How does Bank of America’s new solution differ from traditional cross border payments?

   Traditional cross border payments can involve intermediaries and longer settlement times or require costly investments into new technologies. This solution will leverage existing bank connectivity to domestic real time payment systems, requiring no investment in new technologies.

2. What is the G20 cross border payments initiative?

   The G20 cross border payments initiative, led by the Financial Stability Board (FSB) in collaboration with global standard setting bodies, was launched in 2020 to address long standing frictions in international payments. The initiative aims to make cross border payments faster, cheaper, more transparent and more inclusive, with global targets focused on improving speed, cost, access and transparency by 2027. [fsb.org]

3. What is CashPro?

   CashPro is Bank of America’s digital banking platform for corporate and institutional clients. It provides a single point of access for payments, receivables, liquidity, foreign exchange, investments and trade services, and supports multiple connectivity options—including online, mobile, API and file based channels—to help clients manage global treasury operations securely and efficiently.

4. What role does Bank of America play in global payments?

   Bank of America is a global leader and innovator in payments. The bank helps companies and institutions process more than USD450 trillion in payments annually and invests approximately USD1 billion each year in payments technology.

5. What is Swift?

   Swift (Society for Worldwide Interbank Financial Telecommunication) is the world’s leading secure financial messaging service, connecting over 11,500 financial institutions and corporates across 200+ countries and territories. It enables, but does not physically move, funds for international transactions, ensuring secure, standardized communication.