Commonwealth Bank of Australia is now offering near real-time cross-border payments for businesses and consumers receiving international payments from US bank BNY.
With this new arrangement, BNY’s commercial payments sent from overseas to Australian bank accounts can be accessed by the final beneficiary in under a minute, available 24/7. This collaboration utilizes Australia’s New Payments Platform International Payments Service, enabling the efficient processing of BNY’s cross-border payments to Australia through CBA via the NPP.
Ethan Teas, executive general manager of payments at CBA, remarked, “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 destined for accounts in Australia.
“Demand for seamless and instantaneous cross-border payments continues to grow, and we’re focused on leveraging advancements in payment infrastructure, particularly the development of faster payment rails, to ensure our customers enjoy fast, safe, and frictionless payment experiences.”