CBA Provides Faster International Australian Dollar Payments Processing

Commonwealth Bank of Australia (CBA) has launched an extended daily AUD clearing and settlement process for inbound international payments.

CBA, one of Australia’s largest banks, said the enhancements will speed up the processing of international Australian dollar payments for its correspondent banks and beneficiary customers.

the bank is QuickThe Global Payments Innovation (gpi) initiative provides 24/7 real-time, cross-border payment processing. Launched in 2016, Swift gpi improves cross-border payments across correspondent banking networks.

gpi payments are made in over 2,000 national corridors in over 150 currencies. The ultimate beneficiary receives almost 50% of the GPI payment within 30 minutes he receives and 40% within 5 minutes of him. Almost 100% of GPI payments are credited within his 24 hours.

Ethan Teese Commonwealth Bank of Australia Executive General Manager Payments said: Australian Beneficiary Customer.

We are proud to be committed to Swift’s gpi initiative with the ultimate goal of providing 24/7 real-time cross-border payment processing. The incremental progress we are making along the lines of will bring tangible benefits to our clients and customers in Australia and around the world, with further exciting developments to follow over the coming months.