Swift Launches Real-Time Cross-Border Payments Corridor in Canada

The growing global population and businesses in Canada are facing a common challenge: moving money internationally is slower and more costly than expected. To address this, Swift and leading Canadian banks have partnered to establish a corridor for real-time cross-border payments.

The Royal Bank of Canada (RBC) and TD Bank are the first banks in Canada to join Swift's new framework for retail cross-border payments. The first phase will connect Canada with Australia and Belgium, with additional markets expected to be added over time.

By aligning Swift's standards, participating banks will enable faster cross-border payments, including real-time transfers in supported markets and near-instant settlement in others. The framework also provides consumers with greater clarity upfront, showing applicable fees, foreign exchange costs, and expected settlement times before a payment is sent.