ANZ has announced an enhancement to its ANZ Express Payments service, allowing inbound cross-border payments from all AUD Clearing Services customers up to AUD$500 to be processed in near-real time every day of the week. This development follows ANZ's achievement as the first major Australian bank to execute a cross-border transaction in near-real time in July 2024.
The expanded service now includes over 400 international banks that can access ANZ Express Payments. These transactions are routed through Australia's New Payments Platform (NPP), the fastest payments network in the country.
Lisa Vasic, ANZ Managing Director of Transaction Banking, stated, "ANZ is proud to be a leader in international and cross-border payments and this change means Australians can benefit from ANZ’s investment in technology, even if they don’t bank with ANZ." She further commented on the significance of activating ANZ Express Payments for all AUD Clearing Services customers as part of their system rollout.
Cross-border payments sent into Australia via ANZ's AUD Clearing Services will utilize real-time processing rails provided they meet specific requirements such as payment formatting standards and adhere to the current value cap of AUD$500. There are plans for future increases through a phased approach.
The initial threshold allows for careful monitoring of transaction flows while supporting international banks in adapting to changes that may affect funding and liquidity due to continuous payment processing throughout the week.
ANZ continues its support for multinational organizations and financial institutions with global money and goods movement. It maintains its position as a leading provider of global AUD bank-to-bank clearing services for the 16th year running, according to FImetrix survey results.
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