Commonwealth Bank of Australia (CBA) has launched extended daily Australian dollar clearing and settlement processing for inward international payments.
CBA, one of the largest banks in Australia, says the enhancement provides faster international Australian Dollar payments processing for correspondent banks as well as its beneficiary customers.
The bank taps into Swift’s global payments innovation (gpi) initiative to deliver 24/7 real time cross-border payments processing. Launched in 2016, Swift gpi improves cross-border payments across the correspondent banking network.
gpi payments go through in over 150 currencies across more than 2,000 country corridors. End beneficiaries receive nearly 50 per cent of GPI payments within 30 minutes, 40 per cent within under five minutes. While almost 100 per cent of GPI payments are credited within 24 hours.
Ethan Teas, executive general manager payments at Commonwealth Bank of Australia, said: “This enhanced capability provides an even longer window for our overseas correspondent banks to process end-to-end cross border transactions with CBA outside of normal working hours and earlier receipt of funds for CBA beneficiary customers in Australia.”
“We’re proud to be leaning into Swift’s gpi initiative, with the ultimate objective of delivering 24/7 real time cross-border payments processing. The incremental advances we are making along this journey are providing tangible benefits for our clients and customers in Australia and around the world, with more exciting developments to follow over coming months.”