(5 June 2026 – United States) Bank of America (BofA) is set to add real time cross border payments capability for corporate, commercial and financial clients to transfer funds via Swift or BofA’s CashPro digital payment app next quarter.
The bank is responding to a rapid increase in demand for instant international payments settlement after traditionally focusing unilaterally on expanding usage for domestic transactions. The bank and its major rivals are seeking to corner a market worth trillions that is growing exponentially, with instant processing providing a standout competitive advantage.
The Federal Reserve is considering a change that would enable FedNow, the government’s instant-settlement option, to support cross border transactions. The Clearing House’s RTP network is also developing a real-time cross border payments offering in line with other major payment rails as part of the G20 Roadmap for Enhancing Cross Border Payments.
“The change is real-time payment systems are opening up to enable cross-border payments. There’s enough scale in these systems today that now is really the right time. There’s a set of payments that businesses make that are low value – these payments range from a few hundred dollars to tens of thousands of dollars” commented BofA Head of Global Payments Product, AJ McCray to American Banker’s John Adams.
“Legacy methods to transfer funds internationally are better suited to large transfers. Our new product is designed for smaller payments for parties such as gig economy workers, content creators and e-commerce marketplaces. These businesses are using an easy payment experience as a way to compete with their rivals. I’m finding that in my conversations with clients, payments are becoming a much larger part of their product set. They see payments to be a way to differentiate their products” McCray added.