Bank of America on the Real Value of RTP

AJ McCray leads Bank of America’s global payments product management across 37 countries, covering strategy, P&L, investment and execution and says real-time payments (RTP) have moved from an early “phase one” of experimentation into “phase two,” dominated by business-to-consumer use cases that lift customer experience, faster insurance claim payouts, quicker payroll, and speedier refunds (e.g., airlines).

“Phase three” will be B2B where most payment volume lives, however there are two blockers: many large corporates are still modernising internal systems, and treasurers often assume “real-time” only means paying out faster. AJ McCray reframes RTP as control: precisely timed payments, 24/7, including weekends and after hours, support tighter liquidity. He cites unexpected adoption such as settling M&A transactions on weekends, simply by leveraging always-on rails. Features like Request to Pay (R2P) should further accelerate uptake by helping firms receive funds faster and streamline reconciliation.

With cross-border, as AJ McCray notes, most payments already settle within minutes; the industry is pushing toward seconds with consumer-grade transparency, clear status, exact timing, and upfront costs, effectively extending the local RTP experience across borders, 24/7.

After RTP, the second big topic is foreign exchange. For financial institutions, it’s about expanding reach and Bank of America’s network supports FX in 140+ currencies that partners can tap. For corporates facing volatility and uncertainty, AJ McCray highlights a “Guaranteed Rate” product to lock in exchange rates, reduce exposure, and improve process efficiency. Overall, his advice is pragmatic: RTP is delivering in B2C now; B2B follows as infrastructure and mindsets mature. Treasurers can use RTP and enhanced FX tools to increase control, transparency, cost efficiency, and risk mitigation.