Swift Go, a service that enables companies to transmit cross-border payments of up to $10,000 in foreign currencies, has been introduced by RBC as the first Canadian bank.
It is the most recent development in RBC’s ongoing commitment to innovation in online banking and payments. It was implemented in conjunction with J.P. Morgan and Swift.
This launch in Canada is one of the many creative ways RBC is collaborating with global leaders in payments innovation, ensuring that our clients have early access to the most cutting-edge digital payments solutions, said Lisa Lansdowne-Higgins, senior vice-president, business transformation and deposits at RBC.
“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.”
Swift Go gives SMEs worldwide payment options and is accessible to customers through the RBC PayEdge platform. J.P. Morgan claims that the solution will allow its clients to use real-time or low value local clearing infrastructure to facilitate consumer payments, addressing 75% of global remittance fund flows by 2023.
RBC unveiled a new real-time feature in 2019 that allowed business clients to monitor their wire transfers. For the purpose of streamlining correspondent banking and enhancing payment transparency and traceability, the bank also took part in Swift’s global payment initiative pilot.
The first payments platform provided by a Canadian bank, RBC PayEdge, enables businesses to integrate numerous financing sources regardless of the bank or account type of a client, pay suppliers using the preferred payment method, and increase the flexibility of their working capital tools.
SWIFT Go was introduced last year to make low-value cross-border payments predictable, highly secure, and affordable everywhere in the globe. It expands upon the SWIFT gpi high-speed rails, which have revolutionized the predictability and speed of high-value payments.
BBVA, Bank of New York Mellon, DNB, MYBank, Sberbank, Société Générale, and UniCredit were the first seven banks to adopt SWIFT GO.
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