RBC and TD Launch Swift-Backed Cross-Border Payments Initiative in Canada

Royal Bank of Canada (RBC) and TD Bank Group (TD) have partnered with Swift to launch a new consumer payments initiative in Canada. This move makes them among the first global financial institutions, and the first in Canada, to adopt this standard.

The new framework is designed to improve the speed, transparency, and predictability of international transfers by ensuring recipients receive the full amount sent without unexpected deductions. Many payments will arrive within minutes or instantly where local payment infrastructure supports it.

According to Sebastian Becerra, RBC Capital Markets managing director, Global Transaction Banking, '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.'

This launch comes as demand for efficient international payments continues to increase in Canada. With nearly one in four Canadians born outside the country, there are strong connections between Canadian consumers and businesses and international markets.