Royal Bank of Canada (RBC) and TD Bank Group (TD) have become among the first financial institutions globally, and the first in Canada, to launch Swift’s new consumer payments initiative aimed at improving the speed, transparency and predictability of international transfers.
The initiative introduces a new framework for international retail payments focused on three key improvements: ensuring recipients receive the full amount sent, reducing transfer times and providing greater transparency around costs before payments are confirmed. Swift said the standard aims to address long-standing challenges around speed, fees and visibility in cross-border transactions.
RBC and TD will initially provide the service to customers receiving international payments from Australia and Belgium, with further markets expected to be added over time. More than 60 banks across 25 countries are participating in the initiative, which launched this year as part of wider efforts to improve global payment experiences.
The new standard is designed to give consumers and businesses greater certainty when sending and receiving money internationally. Under the framework, recipients will receive the full amount transferred without unexpected deductions, while many payments will arrive within minutes and, where local payment infrastructure supports it, instantly.
The launch comes as demand for more efficient international payments continues to increase in Canada. Nearly one in four Canadians were born outside the country, creating strong connections between Canadian consumers and businesses and international markets where reliable cross-border payment solutions are increasingly important.
RBC Capital Markets managing director, Global Transaction Banking 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,” he said.
Swift chief executive, Americas Leigh Amaro 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.”
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