- Royal Bank of Canada (RBC) and TD Bank Group (TD) are among the first financial institutions in the world to go live on a new global initiative transforming the experience for people receiving international transfers
People in Canada receiving money from family, friends or businesses abroad will get a significantly better experience as Canadian financial institutions go live with a new consumer payments initiative from Swift, the organisation behind the global network that connects more than 11,500 financial institutions in over 200 markets.
The initiative sets a new standard for international retail transfers so consumers experience several key benefits:
- The full amount arrives. If someone sends money from overseas, that is exactly what lands in the account with no unexpected deductions.
- It arrives faster. In many cases, money will arrive within minutes. Where local banking systems support it, transfers can arrive instantly.
- The cost is clear from the start. Before the sender presses confirm, they can see the fee and exchange rate so there are no surprises.
RBC and TD are among the first institutions globally to implement the initiative and the first in Canada, initially providing the improved experience to customers receiving money from Australia and Belgium, with more markets to be added. Over 60 banks from 25 countries so far are backing the initiative, which just went live this year.
Sebastian Becerra, Managing Director, Global Transaction Banking, RBC Capital Markets, 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.”
Christopher Chazin, Managing Director and Head of Transaction Banking Product at TD Securities, 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.”
Nearly one in four Canadians were born outside the country, the highest share in more than 150 years, reflecting deep and growing international financial ties for consumers and SMEs in the Canadian market. As Canadians increasingly send and receive money from abroad to support family, travel, shop and do business across borders, efficient international payments are becoming more important than ever.
Leigh Amaro, Chief Executive, Americas at Swift, said: “Canadians increasingly expect international payments to be as transparent and predictable as those made domestically. Swift’s new standards help deliver on those expectations. This framework will enable a more trusted cross-border payments experience for businesses and consumers alike.”
