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Welcome to real time banking

Get ready for faster, easier and more flexible banking

We’re revolutionising our banking systems to make transactional banking faster, easier and more flexible. Our new technology platform is the result of more than 2 years of development.

For our institutional clients, it offers the potential for immediate efficiency gains, with improved cash flow, more flexible use of working capital, easier reconciliation and less reliance on short-term borrowings.

We’ve now upgraded 1.16 million business deposit and transaction accounts to the new banking platform and in 2012 introduced our institutional clients to the benefits of real-time banking.

How real-time banking may benefit your organisation

Instant transfers

Transfer money instantly between Commonwealth Bank accounts, giving you immediate access to funds around the clock, even on weekends or public holidays.

More visibility and control

Transfers between Commonwealth Bank accounts will appear instantly in CommBiz, so you’ll have greater visibility and control of your cash flow position — 24 hours a day, 365 days a year. You’ll also be able to view transaction data and pooling information in real time, streamlining reconciliation and simplifying working capital management.

Faster access to funds with everyday settlement

Same-day access to receipts from eligible merchant facilities, even on weekends and public holidays. That helps you to free up working capital, earn additional interest on receipts, and reduce reliance on short-term borrowings.

What else is new?

  • Know exactly where you stand, with clearer, more detailed statements. Find out more about the changes.
  • Keep a track of your accounts with enhanced transaction descriptions in CommBiz.

 

Frequently Asked Questions

When will all of my organisation’s accounts move to real-time banking?

We have taken a phased approach in upgrading accounts with the majority of accounts now on the new banking platform. If you have accounts which have not yet been upgraded, your Transaction Banking Team will be in touch with you to confirm the upgrade schedule for your organisation.

If we transfer funds between a Commonwealth Bank account and an account with another bank, will it happen in real time?

We are the first major Australian bank to introduce real-time banking. Real-time inter-bank transfers will only be possible if other banks upgrade to real-time banking too.

Will all transactions be in real time?

Most transaction types will be in real time, although there are some exclusions, including direct debits.

What are the changes to statements and how will they affect us?

Your statements will be clearer and more detailed. Changes may include:

  • Transactions appearing in chronological order, rather than being sorted into credits and debits.
  • A new summary of interest rates for your account.
  • A clearer breakdown of fees and charges.

Find out more about the changes.

Who is eligible for everyday settlement?

Speak with your Account Manager to discuss eligibility.

How could everyday settlement benefit my business?

Everyday settlement puts funds in your transaction accounts sooner, helping you to free up working capital, earn additional interest on receipts, and reduce reliance on short-term borrowings.

Find out more about the benefits of everyday settlement.