BNP Paribas has achieved a significant milestone in global transaction banking by executing the first 'Express Payment' to Australia using the New Payments Platform (NPP) Instant Payments network. This groundbreaking transaction, completed on 2 July 2024, in partnership with ANZ, marks a new era in cross-border payment efficiency.

The innovative service enables BNP Paribas to settle inward international AUD payments to non-ANZ beneficiaries in near real-time, significantly reducing wait times and improving cash flow for businesses and individuals alike. This development aligns with the G20 roadmap for enhancing cross-border payments, reinforcing BNP Paribas' commitment to advancing global financial services.

Pierre Fersztand, BNP Paribas' global head of Cash Management, Payments, Trade Solutions and Factoring, highlighted the importance of this achievement: 

"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 and framework allowing cross-border payments to settle instantly in order to enhance our clients' experience."

The successful transaction demonstrated the seamless process: BNP Paribas initiated an international payment to ANZ via SWIFT, which ANZ then processed and cleared into the NPP network, allowing the beneficiary to receive the payment almost instantaneously.

This collaboration underscores BNP Paribas' dedication to innovation in global transaction banking. By partnering with ANZ, the largest AUD clearing bank in Australia, BNP Paribas ensures its clients benefit from cutting-edge payment solutions that meet the demands of an increasingly interconnected world.

ANZ Managing Director Transaction Banking Lisa Vasic said: 

“We are pleased to be the first Australian Bank to deliver ‘Express Payments’. This innovation will truly enhance customer experience – by reducing wait times for international payment settlement, improving cash flow and operational efficiency.”

The roll out will start in some of key retail markets, before being extended to other markets and to corporates. Additional currencies will be added to the offering during the course of 2024.

As BNP Paribas continues to expand its capabilities, clients can look forward to more efficient, faster, and safer international payment options, solidifying the bank's position as a leader in global financial services innovation.

Read the ANZ press release here.