For years, real-time payments have transformed domestic money movement, but cross-border transactions have remained slower, more expensive, and less transparent. Bank of America’s latest initiative aims to bridge that gap by connecting businesses directly to real-time payment networks across multiple countries, bringing international payments closer to the speed and simplicity consumers already expect at home.
Bank of America is preparing to launch a new cross-border real-time payments service next quarter, expanding its international payments capabilities for corporate, commercial, and financial institution clients. The offering is designed to enable businesses to send and receive international payments almost instantly while improving transparency, predictability, and operational efficiency.
The new service will be accessible through both the bank’s CashPro platform and the global Swift network, allowing clients to leverage existing payment connectivity without requiring significant infrastructure changes. The solution is specifically targeted at high-volume, lower-value international transactions, a segment increasingly driven by digital commerce, global workforce models, and real-time customer expectations.
Connecting Global Real-Time Payment Networks
At launch, the service will connect to multiple domestic real-time payment schemes around the world, including India’s Unified Payments Interface (UPI), the UK’s Faster Payments Service, and Mexico’s SPEI network. By linking these local payment rails, Bank of America aims to create a more seamless cross-border payment experience while reducing the delays traditionally associated with international transfers.
The platform will support a broad range of payment use cases, including international remittances, gig economy payouts, supplier and marketplace settlements, and other cross-border business transactions. Beneficiaries will receive funds in their local currency, helping businesses simplify international payment operations.
In addition to outbound payments, the service will allow organisations to receive inbound real-time payments into the United States, creating a two-way real-time payment capability across participating markets.
Focus on Speed, Transparency and Efficiency
Bank of America has incorporated several features designed to address longstanding challenges in cross-border payments. These include real-time payment tracking, recipient account pre-validation, and the elimination of lifting fees or intermediary deductions that can reduce the final amount received by beneficiaries.
Payments are expected to be completed within seconds or minutes in most cases, providing businesses with greater certainty around settlement timing and cash flow management.
The service can be accessed through existing CashPro integrations, including APIs and host-to-host connections, allowing organisations to incorporate the new functionality directly into treasury and payment workflows.
Supporting the Next Phase of Global Payments Modernisation
The launch reflects the broader transformation underway across the global payments industry as banks, regulators, and payment networks work to modernise international money movement. While domestic real-time payment systems have expanded rapidly over the past decade, connecting these networks across borders remains one of the industry’s biggest opportunities.
By combining established international payment infrastructure with emerging real-time payment rails, Bank of America is positioning itself to meet growing demand from businesses that increasingly expect international payments to move with the same speed and visibility as domestic transactions.
As cross-border commerce, digital marketplaces, and global workforce models continue to grow, real-time international payment capabilities are expected to become an increasingly important competitive differentiator for financial institutions serving multinational clients.
What This Means for the Industry
- Global banks are increasingly moving beyond traditional correspondent banking models toward real-time international payments.
- Connecting domestic instant payment networks such as UPI, Faster Payments, and SPEI could significantly reduce friction in cross-border transactions.
- Corporate treasurers are demanding faster settlement, greater visibility, and lower costs for international payments.
- The move supports the broader G20 objective of improving cross-border payment speed, transparency, and accessibility.
- Banks that successfully integrate real-time payment rails globally could gain a competitive advantage in corporate payments and treasury services.
