Bank of America (NYSE: BAC) announced plans to launch a cross-border real-time payments solution next quarter that will enable corporate, commercial and financial institution clients to send and receive funds instantly through Swift or the bank's CashPro digital platform.

The service will support high-volume, low-value international payments including remittances, gig-worker payouts and e-commerce marketplace vendor payments. The bank cited data showing person-to-person and business-to-consumer payment flows are expected to increase by 58% and 131%, respectively, by 2032.

The solution will connect to 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.

"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 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."

The service will offer real-time payment tracking, full-principal preservation with no lifting fees or deductions, and pre-validation of recipient account information to minimize failed payments. Corporate and financial institution clients will access the service through existing Swift or CashPro connectivity via application programming interfaces or host-to-host channels.

Bank of America processes more than $450 trillion in payments annually and invests approximately $1 billion each year in payments technology, according to the press release statement.