London
30 September 2016
Reporter: Mark Dugdale
LCH signs up first Australian PPS
The Commonwealth Bank of Australia (CBA) has become LCH’s first Australian Protected Payments System (PPS) bank.

An Australian PPS Bank enables LCH to make and receive Australian dollar payments in the local time zone.

LCH uses the Bank of England-overseen PPS system to call and pay cash margin to its clearing members. Members of the clearinghouse must have a PPS bank account.

The clearinghouse established a central bank account with the Reserve Bank of Australia in 2015.

Gerard Smith, director of collateral services at LCH, said: “Signing Commonwealth Bank of Australia as our first Australian PPS bank generates more flexibility in making and receiving cash payments in the local timezone.”

“The Asia Pacific is a region of strategic importance for LCH and we understand the importance of engaging with local partners to offer the best possible service to our members and their clients.”

More payments news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
PayCommerce hails successful instant payments test
31 January 2017 | Edison, New Jersey | Reporter: Stephanie Palmer
Cross-border payments network PayCommerce has completed the first payment, clearing and settlement using its Federated Ledger blockchain technology...
EBA and SIA launch instant payments testing
19 January 2017 | Milan | Reporter: Stephanie Palmer
Testing has gone live for EBA Clearing’s pan-European instant payment infrastructure, before its scheduled go-live date in November...
SWIFT tests blockchain for cross-border payments
12 January 2017 | La Hulpe | Reporter: Mark Dugdale
SWIFT is exploring whether banks can use distributed ledger technology to improve the reconciliation of their nostro databases in real time to optimise their liquidity globally...
HSBC helps work towards cash-free India
29 November 2016 | Pune, India | Reporter: Stephanie Palmer
HSBC India has launched a new unified payments interface (UPI) solution for corporates in the country...
Accuity and Kyriba pair up on payments screening
12 October 2016 | London | Reporter: Stephanie Palmer
Data and software provider Accuity has partnered up with Kyriba, a provider of cloud-based payment and risk management solutions to develop a global payments sanctions screening service...
Currencycloud covering APAC
11 October 2016 | London | Reporter: Stephanie Palmer
International payments innovator Currencycloud is extending the reach of its system to six new countries in the Asia Pacific region...
LCH signs up first Australian PPS
30 September 2016 | London | Reporter: Mark Dugdale
The Commonwealth Bank of Australia has become LCH’s first Australian Protected Payments System bank...
More payments news