America

Forever Wars: Why can’t America stop? | US Midterm Elections 2026

Iran, Iraq, Afghanistan. Why does the US keep going to war, and can voters stop it?

The United States is once again at war in the Middle East, and most Americans say it isn’t worth the cost.

Al Jazeera’s Josh Rushing asks why the US keeps fighting: oil, a $2.4 trillion defence industry, lobbyists or a political system that rarely holds anyone to account?

Retired General Mark Kimmitt and journalist Spencer Ackerman debate why, and whether voters can end the forever wars.

Contributors:

Mark Kimmitt – Retired US Army brigadier general and former assistant secretary of state for political-military affairs

Spencer Ackerman – Journalist, author and writer of the Forever Wars newsletter

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Lula’s victory may be a turning point for Latin America | Elections

At 80, President Luiz Inacio Lula da Silva has pulled off an extraordinary political victory. After losing the first round to Flavio Bolsonaro, son of former President Jair Bolsonaro, by 47 percent to 45 percent, Lula defied the odds to secure a stunning second-round victory, with 51.8 percent of the vote against Bolsonaro’s 48.2 percent.

His triumph confounded every pre-election poll and crowned a dramatic campaign revival that few had anticipated.

Lula’s victory in Latin America’s largest country does more than halt the far right’s return to power in Brazil. It breaks a succession of right-wing electoral victories across the region and deals a major blow to United States President Donald Trump’s increasingly interventionist agenda in the Western Hemisphere.

When Bolsonaro unexpectedly defeated Lula in the first round, the result sent shockwaves across Brazil and beyond. For the government, the defeat was particularly startling given its strong socioeconomic record. What followed was an extraordinary three-week political mobilisation that transformed the sluggish first-round campaign of Lula’s Workers’ Party into an existential confrontation over the future of democracy and sovereignty in Brazil.

The economic record was hardly that of a government heading for defeat. Brazil’s economy grew by a cumulative 9.2 percent between 2023 and 2025, compared with an average of just 5.6 percent among its South American neighbours. Unemployment fell from 9.3 percent in 2022 to a historic low of 5.4 percent in 2026.

Brazil also exited the United Nations Hunger Map in 2025, after having returned to it under the Bolsonaro senior administration. In the Amazon, deforestation fell to its lowest level in decades, a sharp reversal of the trend under his predecessor.

Not everything has been rosy under the Lula administration. Millions of Brazilians have remained trapped in credit-card debt, struggling with extremely high interest rates, while an explosion of online gambling has devastated the livelihoods of families. The run-off result sent a clear signal that there was social discontent.

Lula responded with unusually bold measures: a sweeping debt-relief initiative and restrictions on online betting, as well as expanded social benefits, fuel subsidies, and the transition from a six-day to a five-day working week. These policies sought to reconnect the government’s macroeconomic achievements with the everyday economic anxieties of Brazilian voters.

Bolsonaro offered a radically different vision for Brazil: sweeping spending cuts, privatisations, lower taxes and, above all, an iron-fisted response to crime and insecurity. His proposals included building five maximum-security prisons modelled on El Salvador’s notorious penitentiary system and authorising lethal force against heavily armed criminals.

Bolsonaro also pledged to pardon his father, sentenced to 27 years for plotting to overturn the 2022 election, and to grant clemency to those convicted over the January 8, 2023 assault on Brazil’s democratic institutions. For his supporters, this represented an opportunity to reverse what they considered judicial persecution. For his opponents, it threatened to rehabilitate the attempted coup and undermine judicial independence.

Lula’s campaign came back re-energised, with many young Brazilians mobilising at the grassroots level. The campaign was able to overcome even algorithmic bias by social media giants like Meta, which favoured Bolsonaro.

Ultimately, the election became a battle not only over Brazil’s democracy but also its sovereignty. Trump’s administration has intervened conspicuously in Brazilian politics throughout Lula’s term, imposing punitive tariffs, sanctioning a Supreme Court justice involved in Jair Bolsonaro’s prosecution and openly embracing his son’s candidacy.

In May, Trump received Flavio Bolsonaro in the Oval Office. Two days later, Secretary of State Marco Rubio designated Brazil’s two largest crime organisations as foreign terrorist organisations, a measure Flavio had publicly requested.

These designations carry implications extending far beyond electoral politics. They potentially open the door to US military operations on Brazilian territory under Washington’s expanding war on so-called “narcoterrorism”. The world saw how one such foreign terrorist designation enabled the US to intervene militarily in Venezuela and abduct its sitting president.

Whereas Trump seeks to draw Latin America’s largest country into Washington’s expanding system of hemispheric military dominance, Lula has defended Brazil’s strategic autonomy, insisting that cooperation against organised crime must respect national sovereignty.

He framed the election as a choice between a sovereign Brazil charting its own course and one subordinated to Washington’s geopolitical agenda. Sunday’s election result shows that the Brazilian people have made their choice.

Importantly, Lula’s victory may mark a turning point in Latin America’s rightward shift. Since Trump’s return to the White House, the right has scored a string of electoral victories in Honduras, Chile, and Bolivia, among others. But Lula’s re-election suggests that its momentum may be faltering.

The result comes just ahead of the US midterms and could deliver a significant setback to the strength of Trump’s leadership in the Americas. In Argentina, President Javier Milei — who regularly attacks Lula and threw all his weight behind Bolsonaro — has been sliding in the polls ahead of next year’s presidential election. In Chile, President Jose Antonio Kast has suffered an even more precipitous collapse in public support.

Mexico’s Claudia Sheinbaum, for her part, has likely breathed a sigh of relief. A Lula defeat would have left her increasingly isolated in a region gravitating towards Mexico’s northern neighbour. Instead, Latin America’s two most populous countries and largest economies will remain firmly on the left for the foreseeable future.

It is too early to declare the region’s rightward turn over. But Lula’s victory raises the possibility that the wave has already crested. Brazil will not be joining Trump’s Shield of the Americas, and while the “Donroe Doctrine” remains a threat, its moment of greatest ascendancy may already be behind it.

Lula’s victory is a vindication of a lifetime spent fighting for society’s most marginalised and disenfranchised. And its significance extends far beyond Brazil’s borders. For defenders of democracy, multilateralism, international law, environmental protection and the sovereignty of the Global South, it sends a powerful message: the far right’s advance is neither inevitable nor irreversible. Not in Brazil. Not anywhere.

The views expressed in this article are the author’s own and do not necessarily reflect Al Jazeera’s editorial stance.

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As Trump fights over what America owes, slavery descendants organize for the future

N’nanba (Robin Rue Simmons) has spent years trying to answer a question that has vexed the United States since the abolition of slavery: What would it actually look like to repair the damage?

In Evanston, Ill., she helped turn that question into a $25,000 housing grant for Black residents whose families were harmed by discriminatory housing policies. Now, Rue Simmons is spreading the nation’s first municipal reparations program to more than 100 communities across the country.

But as America celebrates its 250th anniversary, there is a formidable hurdle: President Trump’s administration.

The administration’s campaign against diversity, equity and inclusion programs, and its broader efforts to curtail federal support for race-based initiatives and Black history, have prompted some institutions to reconsider or quietly scale back reparations work.

Those reversals come while at least part of the world community is reexamining the past. In March the U.N. General Assembly issued a resolution declaring the trafficking of millions of enslaved Africans “the gravest crime against humanity” and calling for reparations. More than 120 countries supported the resolution — only three voted against it — Argentina, Israel and the U.S. Fifty-two, including England and 27 members of the European Union, abstained.

“Under this administration, of course, there are many barriers to achieving that, but we still stand on federal redress as our collective north star,” Rue Simmons, the chairman of Evanston’s Reparations Committee and a former city councilwoman, told the Associated Press.

For more than 3½ centuries, the transatlantic slave trade forced an estimated 12.5 million Africans aboard ships bound for the Americas; some 1.8 million didn’t survive the journey.

Roughly 388,000 enslaved people were taken to what is now the U.S. and their enslavers maintained a system of chattel slavery, treating the enslaved and their children as property, until abolition in 1865.

Enslavement deprived generations of Black Americans their freedom and any meaningful share of the fruits of their labor. Jim Crow segregation, discrimination and systemic racism further depressed the Black population’s ability to build wealth that is still largely concentrated among white families.

From the unfulfilled promise of 40 acres and a mule, to modern-day reparations proposals, initiatives to address the legacy of slavery are entering a new era of political uncertainty.

“I don’t think that there’s been any president who’s been supportive of comprehensive Black reparations — for a long time it was just taboo to even speak the word,” said William Darity, who wrote a book on reparations with A. Kirsten Mullen.

“Now, Trump will speak the word, but with hostility,” he added.

“They want to steal your money for reparations,” Trump told his supporters during a speech in September. “Our country doesn’t have that kind of money. … The people that hate our country are asking for it, but it’s going nowhere.”

Marcus Anthony Hunter, a sociologist in African American studies at UCLA, said reparations are about atoning for the past crime of chattel slavery, even if some programs come in the form of housing grants or college scholarships instead of direct cash payments.

“It’s not even a lot of money that they are given. But it comes back to the recognition, the acknowledgment, responsibility and remedy,” he said.

The Trump administration disagrees and has entered the legal fight in Evanston to stop it from happening.

The Republican administration’s attacks on modern-day repayment efforts include a lawsuit in Evanston, which was initially filed by Judicial Watch.

Michael Bekesha, who represents the plaintiffs, says the Evanston program distributes funds based on race without specific harm identification. He argues the city’s program is unlike historical reparations programs.

“The Constitution prohibits governments from picking winners and losers based entirely on race,” Beshka told the AP.

The Justice Department this month received a federal judge’s permission to intervene in the case, alleging that the city’s actions violate the equal protection clause of the 14th Amendment and the Fair Housing Act.

Last year, the Justice Department sent a letter of warning to leaders in Asheville and Buncombe County, N.C., contemplating creating their own programs.

Kiersten Pels, a spokeswoman for the Justice Department, said in a statement to the AP that “race-based government benefit programs are both unconstitutional and often violate federal civil rights laws.”

“Those implementing these programs do so in violation of federal law and the federal government has an obligation to stop them,” she said.

The White House referred questions to the Justice Department.

Georgetown University was one of the leaders, offering admission consideration for the descendants of enslaved people tied to the campus’ past, an effort that has continued despite Trump’s crackdown on campus DEI efforts.

But across higher education, new efforts have come to a standstill, said Richard Cellini, who previously led a Harvard University project to identify descendants of people enslaved by Harvard’s past leaders.

“People don’t want to talk about it, they don’t want to hear about it, they’re not hiring for it,” Cellini said.

Some Virginia universities have quietly been taking steps to provide scholarships to descendants, as required under a 2021 state law. But otherwise there has been no sign of new scholarship programs being started since Trump returned to office, said Kirt von Daacke, a University of Virginia historian who leads a consortium of colleges studying slavery.

The Georgetown initiative focuses on descendants of slaves sold by Georgetown’s Jesuit priests to slaveholders in Louisiana.

The Virginia Theological Seminary makes annual cash payments to the descendants whose family members labored on its campus during slavery and Jim Crow eras. The private institution’s program is funded by an endowment started in 2019 that has grown from $1.7 million to $2.8 million. Payments to individuals vary based on the closest lineage to the family members and continue into perpetuity.

“We believe we’re the only educational institution in the United States which makes annual cash reparations payments” with no strings attached, said Nicky Burridge, the seminary’s spokeswoman.

“The moral repair, the healing aspect is as great as the monetary one,” said Ebonee Davis-Hayes, its director of reparations.

Hussein, Fields and Binkley write for the Associated Press.

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Is the US Embassy in Jerusalem for Israel or America? | Newsfeed

What led to the deaths of the nine Americans killed in the occupied West Bank since 2022? A New York Times investigation alleges a US embassy aide blocked a report on what happened, seemingly to protect Israeli interests. Al Jazeera’s @EmmaWithrow has the story.

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Costa Rica opens mega-prison as Bukele model embraced across Latin America | Prison News

President Laura Fernandez says mega-prison is part of ‘tough-on-crime model’ embraced by her government.

Costa Rica has announced the opening of a new mega-prison amid near-record homicide levels and growing organised crime, as countries across the region embrace police crackdowns that have proven popular but often weaken key civil liberties.

President Laura Fernandez opened the High-Containment Centre Against Organised Crime, or CACCO, on Wednesday. The prison will have capacity for 5,100 people, equivalent to about 20 percent of the country’s current prison population.

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“The CACCO will force criminals to face a new model – a tough-on-crime model. Costa Rica will become a global benchmark for prison security,” Fernandez said during an inauguration ceremony.

Candidates across Latin America have embraced mega-prisons, seeking to replicate the policies of Nayib Bukele, the president of El Salvador, who has won widespread popularity through a campaign of mass arrests and the suspension of basic rights in the name of combating crime.

Costa Rica, long spared from high levels of violent crime compared with its neighbours, saw a record-setting 905 homicides in 2023, followed by 876 in 2024 and 873 in 2025.

Analysts say that is partly due to increased fighting between criminal groups over lucrative drug routes.

The first transfers to Costa Rica’s new mega-prison will take place at the end of October, with Justice Minister Gabriel Aguilar saying the facility will help the government reassert control over the prison system and diminish infiltration by organised crime.

Right-wing leaders in other Latin American countries have also sought to replicate the mega-prison model.

Peruvian President Keiko Fujimori, inaugurated in July, has announced plans to tour El Salvador’s Terrorism Confinement Centre (CECOT), in anticipation of creating a similar facility in her country. CECOT can hold about 40,000 people.

In Colombia, meanwhile, newly elected leader Abelardo de la Espriella campaigned for the presidency, in part, on a pledge to build 10 mega-prisons. He took office in August.

Brazil, the largest country in Latin America, is currently in the midst of its own presidential election, and right-wing Senator Flavio Bolsonaro has advanced to the final round of the vote. His platform also includes building five mega-prisons, citing the Salvadoran model.

El Salvador first imposed a “state of exception” under Bukele in 2022, expanding police and military powers.

That emergency declaration has been credited with a sharp drop in that country’s homicides, but rights groups say it has led to severe rights abuses and has been weaponised against critics of the government.

The “state of exception” has also resulted in mass arrests and mass trials, with rulings delivered against hundreds of defendants at a time. Some defendants have been detained without charge.

While the Bukele administration frequently touts its success in dismantling the gangs, the government has continuously extended the state of exception since it was first imposed.

Critics have warned that conditions inside mega-prisons are often poor, with imprisoned people facing overcrowding, due process violations and alleged torture in facilities like CECOT.

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Newsom should commute 563 death sentences. Here’s why

With not-terrible odds heading into the 2028 Democratic primaries, Gov. Gavin Newsom is getting one shared warning whispered in his ear by roughly 3,729 political consultants right now: Do not mess with the murderers.

Do not, under any circumstance, follow that inner voice that may be telling you to commute the death sentences of the 563 killers on California’s death row to life without parole, as Newsom recently admitted he was considering. Doing so would be a stupid move for an Oval Office wannabe, one already hobbled by the progressive persona of the Golden State.

“I’m getting all those people in my ear,” Newsom said during a podcast conversation with Bryan Stevenson, one of the preeminent death penalty lawyers in the country. “Don’t do it. Politics.”

Newsom already dismantled San Quentin’s execution chamber a few years ago, so the state can’t kill people even if it wanted to. But the governor has made it clear that he opposes the death penalty in principle because every year the evidence mounts that its implementation is flawed and racially biased. As he put it, the decision on commuting the largest death row in the Western Hemisphere may be his “rocking chair test,” a measure of whether he will have lived up to his own ideals when he looks back on his life.

Most other western countries have already banned the death penalty, leaving the U.S. in the company of places including North Korea and Libya when it comes to this punishment. Twenty-three states have abolished it, and three besides California have a moratorium. Nine governors over the years have commuted their entire death row, including one Republican. In 2024, on his way out of office, President Biden commuted the death sentences of 37 federal prisoners, in part, Stevenson said, to prevent the Trump administration from using executions as theater.

But none of that is why Newsom should do it.

He should do it because we, the voters, are exhausted by the venality of politicians whose every move is controlled by politics and self-dealing. We need to believe that conscience is not a relic of America’s past, and roll reality back to a time when, occasionally, leaders acted because they believed in something, even if it wasn’t popular.

He should do it because our president glorifies violence and death (more on that in a moment) and people need a reminder that the America of hope and dreams, the America that always strives to be better, may be down, but she’s not out.

He should do it simply because he thinks it’s right.

“A lot of people in this country want a leader who is not trying to promote themselves, who’s not trying to advance themselves, is not always scheming for the angles and the corners,” Stevenson told me. “That’s not trying to just do what makes them get the most votes.”

Showing mercy to murderers historically has not been popular with voters. The tale of Willie Horton, the convicted murderer whose subsequent felonies tanked the 1988 presidential ambitions of then-Massachusetts Gov. Michael Dukakis, is still invoked like a Biblical lesson about the sin of soft-on-crime.

Horton’s warning happened during what now seems like the benign and civilized days of the President George H.W. Bush era, though. This moment is different, and all the advice about dodging this dodgy issue is now wrong.

America is increasingly in the death business, to steal a phrase from the late Supreme Court Justice Harry Blackmun — or at least our leaders are. Under the Trump administration, brutality, cruelty, corruption and even killings are being used as misguided and ugly proxies for strength and power. Fear is a weapon, death the point — the state can kill you if you make its leaders mad.

“It’s a handful of people whose view of the social order is very violent. It uses power. It abuses power. They think death is good for demonstrating strength,” Stevenson said.

Think that sounds overblown?

Just ask the family of Renee Good. Or Alex Pretti. Both Americans were killed by masked federal officers only 10 months ago. But so many other deaths have happened since then, they’re just ghosts in our collective psyche — haunting reminders that faceless, nameless agents are now empowered to roam our streets.

Most of us can no longer place the name Nurul Amin Shah Alam, the near-blind Rohingya refugee dumped by federal agents in the freezing cold on a February night. He was found dead five days later, his passing ruled a homicide.

Do you remember Lorenzo Salgado Araujo? Or Johan Sebastián Duran Guerrero? That’s what the business of death does, normalizes killings until they blend and fade in significance.

What about the 120 Iranian children, many of them little girls, who were killed when the U.S. bombed their school?

Then there are the roughly 238 people who have been executed by U.S. bombings of boats in the Caribbean and Pacific, allegedly while transporting drugs, though the killings took place with no arrests, no trials and no real evidence. Four of those killings happened in October, though they barely made news.

And there is the profiteering from death — the talk of resorts on the shores of Gaza, the government money saved by Elon Musk cutting off aid to starving children.

Now, if Defense Secretary Pete Hegseth has his way, a year that began with televised footage of the death of Good and Pretti will end with the live-streamed execution of Nidal Hasan, the paralyzed, wheelchair-using former Army psychiatrist who 17 years ago killed 13 and wounded 32 at Fort Hood in Texas. If the grotesque spectacle happens, it will be a throwback to the days of the Roman Colosseum when the business of state-sponsored death was at an apex, combining public violence with propaganda, politics and social control.

Stevenson warns that “we’re in the midst of a narrative struggle, and this struggle is for the soul of America.”

Newsom has the chance to, if not change that narrative, offer an alternative one — an America that rejects killing as the ultimate display of power. An America that seeks justice with dignity and wisdom, not arrogance and gore. An America that feels safe because our leaders act with integrity and honor, not with a slavish, intemperate ego.

Though there is a political risk inherent in striking out in a solitary direction, there can also be reward. As Stevenson told Newsom, that’s the “beauty of struggling for things that are right, struggling for things that are moral, struggling for things that are just — all kinds of people will come along, and when you feel like you just can’t take another step, there’ll be something there. There’ll be somebody there.”

My mercy isn’t for those on our death row, many of whom are guilty of gut-churning crimes. I’m not arguing that they are victims themselves, or even that some may have been unfairly tried, or even innocent, though that may be true. I acknowledge some families of victims may be angry if Newsom commutes sentences, though some will not.

My mercy is reserved for America, and those who are exhausted by the business of death, this business Trump wants us to believe is just American business — necessary and unavoidable.

A commutation of California’s death row sentences would be a rejection of Trump’s manic desire to pull us ever lower; a rejection of our growing cynicism that there is no such thing — Republican or Democrat — as a leader who acts from conscience. An assurance, instead, that it is still possible to heed an internal moral compass that is more powerful than the need for power.

Would voters really reject the leader who offered that?

Would you?

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US fines Bank of America $1.2bn for money laundering, sanctions violations | Banks News

The second-largest US bank faces record penalties for failing to comply with sanctions and money laundering laws.

The US Treasury Department has imposed more than $1.21 billion in penalties against Bank of America, the second-largest bank in the US, for violating anti-money laundering and sanctions laws.

The fines announced on Tuesday include the third-largest penalty in the department’s history, the US Treasury said in a statement.

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“When a bank of this size fails to meet its anti-money laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire US financial system to significant illicit finance risks,” US Treasury Secretary Scott Bessent said.

He added that these “actions send a clear message that even the biggest financial institutions are not above the law”.

Enforcement actions

According to the Treasury Department, the Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty over the bank’s failure to mitigate and report “priority national security risks, including Chinese Money Laundering Networks and illicit finance along the southwest border”.

The failures identified by FinCEN involved deficiencies related to the bank’s suspicious transaction identification and reporting and customer due diligence processes. According to the statement, “the Bank effectively outsourced to third parties a substantial portion of its proactive detection and reporting obligations”.

“Bank of America failed to timely report to FinCEN over $5 billion dollars in suspicious transactions”, the Treasury said in the statement.

The Office of the Comptroller of the Currency (OCC) assessed a $750 million fine, the largest in its history, for the bank’s deficient and ineffective anti-money laundering compliance programme. FinCEN’s $1.2 billion penalty includes credit for the OCC fine.

The Office of Foreign Assets Control (OFAC) also announced an $11.6 million settlement agreement over apparent violations of numerous sanctions programmes, including on Iran, Russia, narcotics and global terrorism.

Bank of America agreed to settle 475 apparent violations of multiple sanctions programmes, and the settlement includes “significant compliance commitments regarding training, testing and audit, and future communication and cooperation with OFAC”.

In the statement, the Treasury said the actions “underscore the importance of effectively complying” with US anti-money laundering and sanctions requirements.

In response, Bank of America said in a statement: “Financial crime compliance is serious, and we are responsible for getting it right.”

“We have invested billions of dollars in technology and dedicated thousands of employees to combat financial crime, and our team is far along with and committed to completing the work required to address the issues raised by our regulators.”

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Trump says he won’t let Iran strike L.A. or San Diego: ‘Not going to let that happen’

President Trump told a crowd in Texas on Wednesday night that he would not allow Iran to attack San Diego or Los Angeles, a comment that came two days after he made off-the-cuff remarks suggesting the West Coast cities could be struck.

“You want to see a horror show? You want to see problems? Let them hit San Diego, let them hit Los Angeles,” Trump said at a rally. He then assured the crowd: “We are not going to let that happen. We protect our cities. We protect our country.”

The San Antonio crowd cheered the remarks.

Trump’s decision to return to the subject capped two days in which the White House had been on the defensive, and it appeared aimed at tamping down the fallout from remarks he made Monday night that quickly spread online.

Speaking to a crowd in Nebraska, Trump had said: “They can take out a city, let them take out Los Angeles, let them take out San Diego. This is a very small price to pay.”

The comments drew swift condemnation from California leaders, even as the White House communications director, Steven Cheung, insisted the president’s remarks had been taken out of context.

“The media freakout over President Trump’s comments is not rooted in reality,” Cheung wrote Tuesday. “He was clearly stating U.S. cities would have been threatened if a nuclear Iran hadn’t been stopped. America is safer because of the president. Iran has no nuclear, no navy, no air force, and no money.”

But the remarks were enough to rattle many in California and drew backlash from the state’s leaders, including Republican Jim Desmond, a Navy veteran running in a highly competitive U.S. House race.

“I vehemently disagree with President Trump’s comments,” Desmond wrote on social media. “America must stand up to Iran and defend our interests, but the first responsibility of our Commander in Chief is to protect the American people and our homeland.”

Gov. Gavin Newsom on Tuesday opened the state emergency operations center to assess potential threats following Trump’s remarks. San Diego Mayor Todd Gloria and Los Angeles Mayor Karen Bass also condemned the president for potentially compromising the safety of their cities.

“San Diego is not collateral damage,” Gloria posted on social media. “We are not expendable. And we are never a ‘small price to pay.’ Keep our city out of your reckless war talk.”

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Bank of America, Bradesco Test Instant Cross-Border Payments

At Sibos 2026, Bank of America announced that it had executed its first real-time payment initiated by Bradesco.

Bank of America Corp. has completed its first pilot transaction for a new cross-border real-time payments service, partnering with São Paulo–based Banco Bradesco SA to execute the transfer.

The bank announced the milestone during the annual Sibos conference in Miami on Tuesday. The payment, initiated by Bradesco through its existing connection to Swift, arrived in Hong Kong dollars in a local beneficiary’s account via Hong Kong’s Faster Payment System.

Bradesco did not respond to Global Finance’s request for comment. The transaction’s exact processing time or cost remains undisclosed. However, Bank of America confirmed that the payment was similar to a domestic instant transfer and was completed in near real time.

Need for Speed

Traditional banks are facing stiffer competition from card networks like Visa and fintechs such as Wise, which says 74% of its transfers arrive in under 20 seconds.

There are also stablecoin providers such as Circle, which all promise faster cross-border payments.

Daniel Stanton, Payments Product Head in Global Payments Solutions at Bank of America, is betting that the firm can win on ease of adoption rather than speed alone.

“The solution is designed to work with existing banking infrastructure,” said Stanton in an email. “[The bank’s] clients can gain the benefits of faster cross-border payments without a significant technology build, new connectivity or changes to their existing accounting processes,” he added.

Expanding Global Reach

Bank of America announced the service in June. It is designed for corporate, commercial, and financial-institution clients that send large volumes of small payments, such as remittances, payouts to gig workers, and payments to e-commerce vendors.

The Charlotte, North Carolina-based bank said the service offers real-time tracking, delivers the full principal amount and gives senders certainty that payments will arrive. It also connects to domestic instant-payment networks, including Mexico’s SPEI, the U.K.’s Faster Payments Service and India’s UPI. Clients can connect through their existing APIs or host-to-host channels.

Stanton said Bank of America clients will later be able to start these payments through CashPro, its digital banking platform, beginning in 2027. “We will share additional timing details closer to launch,” he added.

Daniel Stanton, Payments Product Head in GPS at Bank of America
Daniel Stanton,
Bank of America

Bank of America first introduced CashPro to corporate and institutional clients in 2009.

“We view this as complementary to our correspondent banking business,” Stanton continued. “It expands the payment options available to financial institutions and helps us meet growing demand for faster, more transparent cross-border payments.”

As for how many payments the firm expects to handle in its first year, it is too early to tell.

“We are seeing strong interest in solutions that can improve cross-border payments without requiring clients to make significant technology investments, establish new connectivity or change their accounting processes,” he said.

Surging Demand for Seamless Payouts

In June, Bank of America cited projections that cross-border person-to-person payment flows could grow 58% by 2032. Business-to-consumer flows could grow 131% by then.

Mark Monaco, head of Global Payments Solutions at Bank of America, touted the firm’s cross-border services earlier this month.

“Corporate treasurers don’t want to manage a patchwork of domestic schemes market by market,” Monaco told Global Finance. “They need banking partners to absorb that complexity.”

Industry Milestones in Miami

Announcements like these have made Sibos the default stage for major cross-border banking breakthroughs. For example, at last year’s event in Frankfurt, Germany, Swift unveiled a shared blockchain-based ledger. Over 30 global institutions backed the initiative—a move aimed at making 24/7 cross-border payments faster and less expensive worldwide.

Swift named Bank of America as one of the 30 firms involved.

Check out an overview of Sibos 2026 in Miami.

Anthony Noto covers corporate finance and private credit. Contact him at anoto@gfmag.com

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