The solution enabled Brazilian bank Bradesco to complete a pilot transaction in which a payment was initiated through Bradesco’s existing Swift connectivity and delivered in Hong Kong dollars to a local beneficiary through Hong Kong’s Faster Payment System, according to the release.
Bank of America announced in June that it planned to launch a new cross-border real-time payments tool that would let corporate, commercial and financial institution clients send and receive money instantly through Swift or Bank of America’s CashPro platform. The bank said the solution would support international remittances, gig worker payouts, eCommerce marketplace vendor payments and other global payments.
The Cross-Border Real-Time Payments solution is designed for high-volume, low-value payments; provides real-time tracking, full-principal delivery and payment certainty; and will later be made available through CashPro, according to the Tuesday press release.
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Following the completion of the first transaction, Bradesco and Bank of America are also piloting a separate U.S. payment route through Swift, per the release.
Christian Stolcke, head of global financial institutions, nonbank financial institutions and governments in Global Payments Solutions (GPS) at Bank of America, said in the release that the pilot shows how Bank of America can connect financial institutions’ existing channels to real-time payment capabilities in markets around the world.
Daniel Stanton, payments product head in GPS at Bank of America, said in the release that the bank is expanding the capability to more countries, currencies and client payment types.
Bank of America announced in another Tuesday press release that its corporate clients are demonstrating the demand for higher-value real-time payments by increasingly using the RTP Network to move money, support liquidity needs and execute business payments.
Bank of America attributed this growth in part to the RTP Network’s February 2025 increase in its individual transaction limit from $1 million to $10 million. This year, from January through July, Bank of America clients’ corporate RTP transaction volume increased 48% year over year. In addition, the number of corporate transactions greater than $1 million increased 351%, according to the Tuesday release.
Stolcke said in the release that the higher RTP transaction limit opened up strategic use cases.
AJ McCray, head of global payments product in GPS at Bank of America, said in the release that corporate clients are using real-time payments for use cases that go beyond speed alone, such as making treasury operations more precise, efficient and resilient.
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