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To address the growing need for companies to provide frictionless cross-border payments, RBC has launched Swift Go.
This new solution enables Canadian businesses to send cross-border payments of up to $10,000 in foreign currencies with speed, security, predictability, and efficiency.
Implemented in collaboration with J.P. Morgan and Swift, RBC is the first Canadian financial institution to introduce this capability to its business clients.
Lisa Lansdowne-Higgins, Senior vice-president, business transformation and deposits, at RBC, said, “Swift Go will make it easier for Canadian companies to plan their cash flow, forecast their liquidity position, and do business globally.”
Currently available to clients through the RBC PayEdge platform, Swift Go will provide small- and medium-sized enterprises (SMEs) with added flexibility and choice in how they pay suppliers worldwide.
Rohit Godara, Global Product Lead (Xpedite Remit), J.P. Morgan, said, “The solution provides our clients with the ability to make consumer payments using real-time or low-value local clearing infrastructure, addressing 75% of global remittance fund flows by 2023.”
The launch of Swift Go marks the latest step in RBC’s ongoing commitment to innovation in digital banking and payments. As an early supporter of Swift’s GPI initiative, RBC introduced a new real-time capability that enabled business clients to track their wire payments leveraging GPI technology in 2019.
The bank also participated in Swift’s international GPI pilot and actively worked with the GPI Vision Group to help streamline correspondent banking and improve payment transparency and traceability.
Rosemary Stone, chief business development officer, Swift, said, “The consumer and SME segment is among the fastest growing in the cross-border payments industry and Swift Go provides the Swift community with a strong offer in this space.”
RBC PayEdge is a payments platform 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.