The Commonwealth Bank of Australia (CBA) and The Bank of New York Mellon (BNY) have partnered to offer near real-time cross-border payment services for Australian businesses and individuals. This collaboration allows international payments from BNY customers to be settled in as little as 60 seconds, regardless of the recipient's bank, available 24/7.
The partnership leverages Australia’s New Payments Platform (NPP) International Payments Service (IPS), enabling BNY's cross-border payments to be processed by CBA via the NPP. This advancement ensures faster, more transparent, and secure settlements for cross-border transactions.
Ethan Teas, Executive General Manager of Payments at CBA, highlighted the significance of this collaboration, stating, "This initiative demonstrates our commitment to supporting our banking partners in meeting customer demand for instant and frictionless cross-border payments."
Carl Slabicki, Executive Platform Owner of Treasury Services at BNY, noted the global demand for instant cross-border payments and emphasized that this collaboration aligns with BNY’s goal to facilitate frictionless, account-to-account payments worldwide.
The NPP, launched in 2018, initially focused on domestic transactions but has since expanded to support cross-border payments through the IPS. This service enhances the speed and efficiency of international payments, aligning with the Financial Stability Board’s vision for a more interconnected global financial system.
As the need for fast and seamless cross-border payments grows, CBA and BNY's partnership sets a new standard in the global payment landscape, providing customers with a reliable and efficient way to transfer funds internationally.
