ANZ has announced it has become the first major Australian bank to execute a cross-border payment into Australia in near real-time, launching Express Payments leveraging the New Payments Platform (NPP) network.
Executing the first transaction for BNP Paribas on 2 July 2024, ANZ demonstrated its ability to settle the last stage of inward international AUD payments to eligible non-ANZ beneficiaries in near real-time.
“We see this as a game changer, which will help make sending payments simpler and faster for our financial institution customers,” said Lisa Vasic (pictured above left), ANZ managing director of transaction banking. “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.”
To execute the transaction, BNP Paribas sent an international payment to ANZ via SWIFT, which ANZ was able to process and clear into the NPP network, allowing the beneficiary to receive this payment in near real-time.
“This partnership marks a significant step in BNP Paribas’ strategy to achieve instant and frictionless international payments,” said Pierre Fersztand (pictured above right), BNP Paribas’ global head of cash management for payments, trade solutions, and factoring.
“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.
Fersztand said BNP Paribas’ approach is fully aligned with the G20 roadmap for improving cross-border payments. As part of their expansion strategy, BNP Paribas is actively working to enable additional payment corridors, contingent on 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,” he said.
ANZ is focused on supporting multinationals and financial institutions with the movement of money and goods globally. ANZ Institutional retained its position as lead provider of AUD bank-to-bank clearing services globally for the 16th consecutive year, according to the recent FImetrix survey.
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