Payments

Bank of America announces cross-border payment solution

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June 5, 2026

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Bank of America has announced plans for a cross-border payment solution, allowing clients to send payments via Swift or Bank of America's CashPro platform. It will offer payment tracking and principal preservation, according to a press release.

This service will be used for remittances, gig-worker payouts and vendor payments via e-commerce. It will connect to several international payment networks such as Unified Payments Interface in China and Faster Payments Service in the U.K. It will offer real-time payments into the U.S. Funds can be sent within seconds, with pre-validation of account information to prevent failed payments.

"Around the world, policymakers and financial institutions share a common goal: making cross‑border payments faster, more transparent, more affordable and more accessible," Mark Monaco, head of Global Payments Solutions at Bank of America, said in the release. "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."