Of Special Interest
1st November 2011
CBA offers merchants same day access to funds
Commonwealth Bank of Australia is to offer merchants access to funds from their merchant terminals same day, 365 days a year. This will apply to transactions processed up until 22:00 AEST time on any day.
This will be of special benefit at weekends as currently merchants are not able to access weekend funds until Tuesday following. The same day service is to be rolled out throughout Australia 'in the coming months'.
It would seem likely that the CBA move will trigger a rush to catch up from the other major banks. In addition to the convenience factor, with simpler reconciliation, CBA will be seen as operating in a 'fairer' manner and the cashflow benefit for larger merchants would be a reason to move in itself.