Bank of America launches seamless cross-border payments for businesses
Bank of America has completed its first real-time cross-border payment with Bradesco as the originating bank, a key step in its effort to challenge digital payment providers. The transfer sent funds from Bradesco in Brazil to a beneficiary in Hong Kong through the city’s Faster Payment System, converting them into Hong Kong dollars in seconds.
The bank announced the achievement at the Sibos 2026 conference in Miami, where it showcased the new service as a way to integrate seamlessly with existing banking systems. Unlike Wise, which handles 74% of transfers in under 20 seconds, Bank of America’s focus lies in adoption ease rather than sheer speed. The system connects to domestic instant-payment networks, including Mexico’s SPEI, the U.K.’s Faster Payments Service, and India’s UPI.
Daniel Stanton, head of Global Payments Solutions at Bank of America, stated the service eliminates the need for clients to adopt new technology or reconfigure their accounting processes. “The bank’s clients can gain the benefits of faster cross-border payments without a significant technology build, new connectivity or changes to their existing accounting processes,” he said. The offering targets corporate clients managing high volumes of small transactions, such as remittances, gig-worker payrolls, and e-commerce vendor settlements.
Bank of America introduced the service in June as part of its broader payments capabilities. Clients can connect through their existing APIs or host-to-host channels. Stanton said Bank of America clients will later be able to start these payments through CashPro, its digital banking platform, beginning in 2027. “We will share additional timing details closer to launch,” he added. Bank of America first introduced CashPro to corporate and institutional clients in 2009. “We view this as complementary to our correspondent banking business,” Stanton continued. “It expands the payment options available to financial institutions and helps us meet growing demand for faster, more transparent cross-border payments.”
While Bank of America has not revealed first-year transaction forecasts, industry projections suggest cross-border person-to-person payments could expand by 58% by 2032, with business-to-consumer flows rising 131% over the same period. Mark Monaco, also leading Global Payments Solutions, argued that corporate treasurers require banking partners to simplify cross-border operations instead of handling disjointed domestic systems.
This development aligns with a broader industry movement toward real-time cross-border transactions. At last year’s Sibos event, Swift introduced a blockchain-based ledger project supported by over 30 institutions, including Bank of America. The initiative aims to cut costs and accelerate global transfers further. Unlike stablecoin providers or card networks, traditional banks are now using established infrastructure to meet rising demand for faster, clearer payments.
Bank of America’s Approach to Cross-Border Payments and Competitive Pressures
Bank of America’s new real-time payment service is positioned to compete with fintechs and card networks offering faster transfers. While competitors like Wise process most transactions in under 20 seconds, Bank of America prioritizes seamless integration with existing banking systems rather than speed alone.
