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Commonwealth Bank of Australia (CBA) and BNY Mellon have introduced a new service that allows commercial payments from overseas to reach businesses and individuals with Australian bank accounts in under a minute, available 24/7.
This collaboration leverages Australia’s New Payments Platform (NPP) International Payments Service, enabling BNY Mellon’s cross-border payments to be processed by CBA via the NPP for the final leg of the transaction.
Ethan Teas, Executive General Manager of Payments at CBA, remarked, “This marks a significant advancement in the speed of global payments. It empowers CBA to assist our international banking partners in delivering exceptional outcomes for their customers by ensuring faster settlement of payments destined for accounts in Australia.”
Teas further noted that the growing demand for seamless and instantaneous cross-border payments drives the focus on leveraging advancements in payment infrastructure, particularly faster payment rails, to provide customers with fast, secure, and frictionless payment experiences.
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