Royal Bank of Canada (RBC) and TD Bank Group (TD) have gone live on a new consumer payments initiative from Swift, focused on improving inbound international transfers for recipients in Canada.
In a statement, Swift said the initiative is aimed to provide a “significantly better experience” to people in Canada receiving remittances. The programme sets “new standards” for international retail transfers, the statement added.
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Swift operates the global network that connects more than 11,500 financial institutions across more than 200 markets. Under the initiative, Swift said consumers should see several updates to the international transfer process.
The company said recipients are expected to receive the full amount sent, without unexpected deductions. Transfers should also arrive faster, with many payments reaching accounts “within minutes”. It also added transfers may be instant where local banking systems support it.
The framework also provides upfront clarity on costs, where the sender can view fees and exchange rates before confirming the transaction.
RBC and TD will be initially supporting inbound transfers from Australia and Belgium. Additional markets are expected to be added over time.
RBC Capital Markets Global Transaction Banking managing director Sebastian Becerra said: “RBC is proud to be the first bank in North America to go live with Swift’s new initiative – an important step in advancing goals of the G20 Roadmap for modernizing international payments.
“As Canadian consumers and businesses increasingly expect cross-border payments to be faster, more transparent and more predictable, our early action underscores our commitment to delivering seamless cross-border payment experiences.”
TD Securities managing director and Transaction Banking Product head Christopher Chazin said: “As Canada’s connections to global markets continue to grow, having access to efficient and transparent cross-border payments becomes increasingly important.
“TD’s participation in the Swift scheme represents an important step in meeting the evolving needs of Canadians and Canadian businesses by enhancing visibility, predictability and confidence throughout the payment journey, and helping deliver a more seamless and secure payments experience.”
Swift said more than 60 banks across 25 countries are backing the initiative, which went live this year. Barclays, HSBC, Lloyds, and NatWest also adopted the framework recently.
