Commonwealth Bank of Australia is delivering near real-time cross-border payments to businesses and consumers who receive international payments from customers of US bank BNY.
Through the new arrangement, BNY commercial payments from overseas to businesses and individuals with Australian bank accounts will now be available to the final beneficiary in under a minute, 24 hours a day, seven days a week.
The collaboration harnesses Australia’s New Payments Platform International Payments Service, enabling the last mile of BNY’s cross-border payments to Australia to be processed by CBA via the NPP.
Ethan Teas, executive general manager payments at CBA, comments: ”This represents a significant leap forward in the evolution of speed in global payments, allowing CBA to empower our overseas banking partners to deliver great outcomes for their customers in supporting faster settlement of payments bound for accounts in Australia.
“Demand for seamless and instantaneous cross-border payments continues to grow and we’re focused on taking advantage of advancements in payment infrastructure, particularly the development of faster payment rails, to help our customers benefit from fast, safe and frictionless payments experiences.”