The Commonwealth Bank of Australia offers near real-time cross-border payments to businesses and consumers who receive international payments from US bank BNY customers.
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Through the new agreement, commercial BNY payments from overseas to businesses and individuals with Australian bank accounts will now be available to the final beneficiary in less than a minute, 24 hours a day, seven days a week.
The collaboration leverages Australia’s New Payments Platform International Payments Service, enabling CBA to process the last mile of cross-border payments from BNY to Australia through the NPP.
Ethan Teas, Executive General Manager Payments at CBA, comments: “This represents a significant step forward in the development of speed in global payments and enables CBA to empower our overseas banking partners to deliver great results to their customers by providing a Support faster processing of bound payments.” for accounts in Australia.
“The demand for seamless and instant cross-border payments continues to grow and we are focused on leveraging advances in payments infrastructure, particularly the development of faster payment rails, to help our customers benefit from fast, secure and frictionless payment experiences.”