The transaction marks a first for a major financial institution and sets the groundwork for NAB to support clients as they carry out transactions using digital assets.
Trial payments from Asia to Australia puts GPI on the map but speed is less critical to treasurers than tracking the payment and keeping correspondent banks on their toes.
Due to a lack of pre-payment control, demand for using credit cards for procurement purposes is still very low. However, recent developments in Australia could change all that.
Banks say they are less than three years from deploying blockchain, but making the most of the technology depends on different institutions finding common ground.