Bank of America real-time payments solution will allow corporate, commercial, and financial institution clients to send and receive funds internationally in real time. The service is scheduled to launch next quarter.
Bank of America real-time payments features
Clients will access the new offering via Swift or the bank’s CashPro digital platform, using API or host-to-host connectivity. The solution targets high-volume, low-value payment flows such as international remittances, gig-worker payouts, and e-commerce vendor payments. It will connect to domestic real-time payment networks including the United Kingdom’s Faster Payments Service, Mexico’s SPEI, and India’s Unified Payments Interface.
The bank also stated clients can receive inbound real-time payments into the United States. Funds will be delivered in local currency with full principal preservation, meaning no fees or deductions during transfer.
Mark Monaco, head of global payments solutions at Bank of America, said the new capability supports G20 payment objectives and offers clients a scalable, reliable way to move money globally without adding operational complexity.
Additional capabilities of the real-time payments solution
The service includes real-time payment tracking and pre-validation of recipient account information to reduce failed payments. Clients can initiate payments at any time, with funds typically delivered within seconds or minutes.
Bank of America processes over $450 trillion in payments annually and invests about $1 billion each year in payments technology.
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