ANZ has announced its achievement as the first major Australian bank to execute a cross-border payment into Australia in near real-time, following the introduction of ‘Express Payments’ that utilise the New Payments Platform (NPP) network.
The initial transaction was conducted for BNP Paribas on 2 July 2024, showcasing ANZ’s capacity to complete the final stage of inward international AUD payments to eligible non-ANZ beneficiaries swiftly.
ANZ Managing Director Transaction Banking Lisa Vasic said, “We see this as a game changer, which will help make sending payments simpler and faster for our financial institution customers. It will significantly improve the customer experience by reducing wait times, improving cash flow and increasing operational efficiency.
As the largest Australian dollar clearing bank in Australia, both individuals and businesses stand to benefit from receiving their international payments in near-real time. We’re particularly pleased that the infrastructure was built using in-house capability without relying on third party solutions.”
For the transaction, BNP Paribas transmitted an international payment to ANZ via SWIFT, which ANZ processed and cleared into the NPP network, enabling the recipient to access the funds almost immediately.
BNP Paribas’ Global Head of Cash Management, Payments, Trade Solutions and Factoring, Pierre Fersztand said, “This partnership marks a significant step in BNP Paribas’ strategy to achieve instant and frictionless international payments. By strengthening our relationship with an established local partner, we are leveraging the local instant clearing framework allowing cross-border payments to settle instantly in order to enhance our clients’ experience.
Our approach aligns fully with the G20 roadmap for improving cross-border payments. As we continue to expand, BNP Paribas is actively working to enable additional payment corridors, subject to the capabilities of local clearing systems.
This collaboration underscores our commitment to innovation in global transaction banking, ensuring we meet the evolving needs of our clients in an increasingly interconnected world.”
ANZ is committed to assisting multinationals and financial institutions in managing the global movement of money and goods. According to the latest FImetrix survey, ANZ Institutional has maintained its status as the foremost provider of AUD bank-to-bank clearing services worldwide for the 16th year in a row.
