What is Commonwealth Bank’s settlement process?

Here's how their settlement works:

Commonwealth Bank (CommBank) provides a wide range of banking and cash settlement solutions designed for both individuals and businesses. For domestic transfers, CommBank supports Direct Entry (ACH equivalent) transactions such as payroll, bill payments, and supplier disbursements. These typically settle within 1–3 business days, with same-day settlement available for eligible transactions processed before daily cut-off times. For international transactions, CommBank enables International Money Transfers (IMTs) in over 30 currencies via NetBank and CommBiz. Settlement time is generally 1–3 business days, depending on the destination country and currency. This ensures efficient cross-border payments for both retail and corporate clients.

Here is a summary table:

How do I qualify for same-day ACH transfers with Commonwealth Bank?

Commonwealth Bank offers same-day payments via the NPP system. Eligibility is based on account type, real-time payment support, and transaction criteria, rather than ACH.

What is Commonwealth Bank's cut-off times for domestic and international wire transfers to guarantee same-day settlement?

For same-day processing at Commonwealth Bank, domestic transfers should be lodged by 6 PM AEST. International wire transfers must be submitted by 5 PM AEST. Specific destination countries or non-standard currencies may have earlier cut-off times.

How quickly are card payments settled through Commonwealth Bank?

Commonwealth Bank generally processes card payments within 1 to 2 business days. In some cases, EFTPOS payments are settled instantly or same-day depending on configuration.

Does Commonwealth Bank integrate with common accounting or ERP software to streamline reconciliation?

Commonwealth Bank integrates with platforms like Xero and MYOB, allowing users to automatically import transaction data and reconcile accounts efficiently through CommBiz.

How Receiptor Helps Accountants with Settlement Needs

Managing settlements—whether it's reconciling ACH payments, wire transfers, or card transactions with Commonwealth Bank—can get messy fast. Receiptor simplifies the process with automation, visibility, and smart syncing.

1. Centralize Receipts and Payment Proofs Instantly

Receiptor captures and stores all your receipts, invoices, and disbursement documents in one secure dashboard. No more digging through emails or folders when clients ask for proof of settlement.

• Automatically extracts and tags key details like amount, date, and payee
• Supports multi-format uploads (PDFs, emails, scans, etc.)
• Uses AI to detect transaction types (ACH, wire, card)

2. Match Transactions Automatically

Receiptor’s AI matches receipts with bank feeds or settlement records to help accountants stay audit-ready without lifting a finger.

• Automatically reconciles payments to invoices
• Flags mismatches or duplicates for manual review
• Supports bulk imports from ERP/accounting systems

3. Export Audit-Ready Reports in Clicks

Whether it’s month-end or tax season, Receiptor makes it easy to compile clean, audit-ready files that reflect actual settlements.

• Download reconciled reports by payment type, client, or date
• Export to CSV, Excel, or directly to your accounting software
• Ensure compliance with local and international recordkeeping requirements

4. Integrate with Your Accounting Stack

Receiptor works with your existing tools, making settlement reconciliation seamless.

• Integrates with Xero, QuickBooks, SAP, and more
• API-ready for custom workflows
• Syncs with bank feeds and card processing platforms

5. Track Settlement Timelines & Exceptions

Need to know if that wire hit the account or why your Commonwealth Bank card payment hasn’t cleared? Receiptor helps you monitor and troubleshoot fast.

• Real-time status tagging (e.g. “Pending”, “Cleared”, “Exception”)
• Comment and note history for each transaction
• Transparent logs for client or auditor access

For more information about Commonwealth Bank's settlement process, you can visit this link.

Found this article helpful?

Read on to find out more about Receiptor AI.

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