"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."