RBC is the first Canadian bank to implement Swift Go, allowing companies to transmit near-real-time, low-value international payments.
Swift Go, introduced by the cooperative Swift last year, enables customers to transmit payments instantaneously from their bank accounts to any global location.
RBC has teamed with Swift and JP Morgan to assist Canadian companies in sending cross-border payments of up to $10,000 in foreign currencies with “speed, security, predictability, and efficiency.”
According to the bank, the service also provides affordable and transparent pricing, with reduced processing costs than conventional wire services and upfront insight into a payment’s size, duration, taxes, and foreign exchange rate.
Lisa Lansdowne-Higgins, SVP of business transformation and deposits, RBC, says: “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.”
