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Bank of America Plans Cross-Border Real-Time Payment Service

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Bank of America (BAC) said Thursday it plans to introduce a cross-border real-time payment service for corporate and financial institution clients to instantly transfer funds via Swift or its digital CashPro system.

The service is expected to launch next quarter to support international transactions by connecting to various real-time payment networks in countries such as Mexico, the UK, and India, the company said.

Users can access the setup through existing connections to send high-volume, low-value payments that reach beneficiaries in local currencies without fee deductions, Bank of America said.

The platform provides real-time tracking, immediate fund delivery, and recipient account pre-validation to reduce failed transfers, it said.

Shares of the company were up 2% in Thursday trading.

Price: $53.45, Change: $+1.05, Percent Change: +2.00%

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