(23 July 2024 – Australia) ANZ is the first major bank to execute a cross-border payment into Australia in near real-time following the launch of ‘Express Payments’ leveraging the New Payments Platform (NPP) network.
Executing the first transaction for BNP Paribas on 2 July 2024, ANZ demonstrated its ability to settle the last stage of inward international AUD payments to eligible non-ANZ beneficiaries in near real-time. To execute the transaction, BNP Paribas sent an international payment to ANZ via SWIFT, which ANZ was able to process and clear into the NPP network, allowing the beneficiary to receive this payment in near real time.
”We are pleased here at ANZ to be the first major Australian Bank to deliver ‘Express Payments’ – the processing of inbound international payments on the NPP rails rather than being previously limited to RTYGS processing hours” commented ANZ Head of Transaction Banking Product Management, Alan Huse.
“This innovation will truly enhance customer experience – by reducing wait times for international payment settlement, improving cash flow and operational efficiency. A great collaborative effort by all in the Institutional Product, Product Delivery, Group Payments and Project teams.”
“We see cross border payments into Australia’s NPP as a game changer. We know payment speed for offshore banks is a priority and this service will help make sending payments simpler and faster. As the largest AUD clearing bank in Australia, individuals and businesses can benefit from receiving their international payments in near-real time where eligible” Huse added.
“This partnership marks a significant step in BNP Paribas’ strategy to achieve instant and frictionless international payments. By strengthening our relationship with an established local partner, we are leveraging the local instant clearing framework allowing cross-border payments to settle instantly in order to enhance our clients’ experience” stated BNP Paribas’ Global Head of Cash Management, Payments, Trade Solutions and Factoring, Pierre Fersztand.