CBA is developing fit-for-future stability as we march towards instant payments.

As payments are increasingly expected to be instant 24/7, stability has emerged as a non-negotiable foundation for the success of banking and payment providers of choice. The myriad of use cases that instant 24/7 payments can unlock, all have one thing in common – if the payment capabilities are not available, then customers on both sides of the payment will not be able to enjoy their benefits. The Commonwealth Bank of Australia (CBA) is developing next generation payment technology that delivers on the stability that tomorrow’s payment experiences need, and build on CBA’s strong technology track record.

“CBA customers receive over half of Australia’s cross-border payments and we have the strongest balance sheet in Australia, making CBA a natural partner for overseas institutions. We are enhancing that proposition with investments in availability, system stability, and innovation. CBA was the first major to extend to ~24 hour processing, we are well progressed on cloud migration, and we are bringing new value added services to market like the NameCheck API. We offer the best proposition for our customers and our customers’ customers.”

– Ethan T., Executive General Manager Payments.

Global payments support international trade, finance, and economic cooperation. Today, we live in a world where transactions can traverse borders in a matter of seconds. In this dynamic global payments context, stability is not merely an aspiration; it is a prerequisite. At the heart of global payments lies trust and reliability. Businesses and individuals must have confidence that their cross-border transactions will be executed smoothly and securely.

“CBA’s extensive retail and business customer base in Australia is growing. Our focus on providing stability as a payments provider of choice is helping speed up payments while keeping that value safe, sound and secure—benefitting our customers and the broader economy.”–?Susan Yang, General Manager, High Value & International Payments.

While technology plays a role, access to liquidity is also critical. As the largest payment processor in the southern hemisphere, CBA supports the flow of payments with a balance sheet unmatched in this jurisdiction. CBA is 75% deposit funded and our international CET1 capital ratio of 19.1% is highest among Australian majors and global peers. “Up to 30% of total AUD market daily liquidity is held with CBA on any given day, allowing us to seamlessly support the processing and settlement of cross border payments bound for accounts in Australia.” – Susan Yang, General Manager, High Value & International Payments.

With the value of cross-border payments estimated to increase USD100 trillion in the 10 years to 2027[1] it’s time to consider how your payments provider can support you in a real-time 24/7 environment.

CBA looks forward to sharing our perspective on our fit-for-future approach and a range of other topics of interest at Sibos in Toronto. If you’d like to connect and learn more, contact your relationship manager today.

?[1] https://www.bcg.com/industries/financial-institutions/transaction-banking

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information. The information in this article and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made. Issued by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945.