Bank of America is launching a new cross-border real-time payments service for its corporate, commercial, and financial institution clients. The offering will allow instant international fund transfers through either Swift infrastructure or the bank’s proprietary CashPro digital platform.
The move positions BofA to compete more aggressively in the growing instant payments market, where speed and efficiency are becoming critical differentiators for treasury management. Corporate clients have increasingly demanded faster settlement times for international transactions to improve cash flow management and reduce counterparty risk exposure.
The service targets BofA’s institutional client base rather than retail customers, focusing on high-value business-to-business transactions that traditionally faced multi-day settlement windows. By leveraging both Swift’s global network and its own digital banking infrastructure, BofA aims to provide flexibility in how clients execute cross-border payments.
FXnCO Insight
Banks offering instant cross-border settlement capabilities will likely pressure competitors to accelerate their real-time payments roadmaps or risk losing treasury management market share to early movers.
Source: Finextra