Source: CBA
Commonwealth Bank of Australia (CBA) has achieved a further milestone supporting Swift’s Global Payments Innovation (GPI) initiative, with the launch of extended daily Australian dollar clearing and settlement processing for inward international payments.
The bank’s international transactions processing window for overseas financial institutions making payments to Australia outside of normal working hours has been extended from 22 hours to nearly 24 hours every business day, enabling faster receipt of international funds by CBA beneficiary customers.
CBA Executive General Manager Payments, Ethan Teas, 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 Global Payments Innovation (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.”