(22 August 2024 – Australia) Through a new cross-border payments partnership between The Bank of New York Mellon (BNY) and Commonwealth Bank of Australia (CBA), Australian enterprises who receive international payments from BNY’s customers may now have payments executed in under 60 seconds regardless who they bank with.
BNY commercial payments from abroad to businesses with Australian bank accounts will now be available to the final beneficiary in under a minute, 24/7. The collaboration harnesses Australia’s New Payments Platform (NPP2) International Payments Service (IPS), enabling the “last mile” of BNY’s cross-border payments to Australia to be processed by CBA via the NPP, offering cost transparency, robust security and faster settlement.
East & Partners Commercial Cash & Payments service reveals cross border payments are the fastest growing area of usage as nominated by 903 Australian CFOs and treasurers, resulting in a sharp increase in competition and rapidly declining wallet share for incumbent market share leaders detailed in the analysis.
“We’re thrilled to collaborate with BNY and leverage the IPS initiative to enhance the speed of cross-border payments into Australia. This initiative demonstrates our commitment to supporting our banking partners to meet customer demand for instant and frictionless cross-border payments” said CBA Executive General Manager Payments, Ethan Teas.
”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. Combined with CBA’s market-leading 24/7 AUD clearing, we are proud to offer the strongest end-to-end proposition for our overseas partners” Teas added.
“Adoption of similar services like the IPS in Australia is expected to continue globally as demand for an instant cross-border experiences rises. Collaborating with CBA allows BNY to enable yet another market in our ambition to facilitate instant, frictionless payments from account-to-account anywhere in the world,” said BNY Executive Platform Owner, Treasury Services, Carl Slabicki.