RBC has become the first Canadian bank to introduce Swift Go in order to help businesses send cross-border payments of up to $10,000 in foreign currencies.
Implemented in collaboration with J.P. Morgan and Swift, it’s the latest step in RBC’s commitment to innovation in digital banking and payments.
Lisa Lansdowne-Higgins, senior vice-president, business transformation and deposits at RBC, said: “This launch in Canada is one of the many innovative ways in which RBC is collaborating with global leaders in payments innovation, ensuring that our clients have early access to the latest digital payments solutions.
“By offering cost-effective, fast and predictable cross-border payments, the introduction of Swift Go will make it easier for Canadian companies to plan their cash flow, forecast their liquidity position and do business globally.”
Available to clients through the RBC PayEdge platform, Swift Go provides SMEs with choice in how they pay suppliers around the world.
According to J.P. Morgan, the solution also provides its clients with the ability to make consumer payments using real-time or low value local clearing infrastructure, addressing 75 per cent of global remittance fund flows by 2023.
RBC digital mission
In 2019, RBC introduced a new real-time capability that enabled business clients to track their wire payments. The bank also participated in Swift’s international gpi pilot to help streamline correspondent banking and improve payment transparency and traceability.
RBC PayEdge is the first payments platform offered by a bank in Canada that allows businesses to combine multiple funding sources regardless of a client’s bank or account type, pay suppliers in the payment form of their choice, and gain more flexibility with their working capital tools.
SWIFT Go launched last year to enable predictable, highly secure, and competitively priced low-value cross-border payments anywhere in the world. It builds on the high-speed rails of SWIFT gpi, which have transformed the speed and predictability of high-value payments.
The first seven banks to use SWIFT GO included BBVA, Bank of New York Mellon, DNB, MYBank, Sberbank, Société Générale and UniCredit.
