BofA Unveils Instant Cross-Border Payment Service for Businesses

Bank of America Corp. is rolling out a new system that allows businesses and financial institutions to send and receive payments across countries in the matter of seconds.

The service, slated to go live next quarter, will allow certain cross-border payments to be processed in real time, compared with the minutes, hours or days it can take such transactions to be completed currently. The new offering can be used for remittances, gig-economy payments and e-commerce bills, among others, to be sent using the global Swift system or Bank of America’s own CashPro platform.

While the minimum and maximum size ...