BNY is working to expand cross-border, instant payments to new markets through the remainder of 2025 and into 2026.  

“We’ve been really focused on international real-time payments,” Carl Slabicki, executive platform owner of treasury services at BNY, told Bank Automation News. “How do we bridge cross-border money movement into an instant 24/7 world.” 

New York-based BNY is working to identify what markets would allow cross-border, instant payments to settle over local instant rails, like the Federal Reserve’s FedNow and The Clearing House’s Real Time Payments network, he said. 

BNY collaborated with the Commonwealth Bank of Australia in August 2024 to offer real-time, cross-border payments to Australian businesses and individuals receiving international payments from BNY customers.  

To accomplish instant payment capabilities, BNY tapped Australia’s real-time payments network, New Payments Platform’s International Payments Service, according to a Commonwealth release.

BNY is looking to copy this strategy of tapping local payments rails in other markets, Slabicki said, noting that it is using the model in the United Kingdom, India, Thailand, Japan and through the Eurozone, 20 countries that have adopted the euro as their common currency. 

“We have a very aggressive roadmap to do direct, instant clearing into most of the major global economies throughout this year and into late 2025 and early 2026,” he said.  

About 100 markets have some version of local instant payments, some of which allow cross-border instant payments, he said. 

“We think the market conditions are ready to truly provide a 24/7 instant payment solution into most of the major developed economies,” Slabicki said.