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November 18, 2022

On the web

RBC Launches Swift Go, a New Way to Make Fast, Secure, Cost-Effective Cross-Border Payments


“n today’s global economy, business has no borders, and Canadian companies are increasingly relying on and expecting frictionless international payments in order to succeed. To address this growing need, RBC today launched Swift Go, a new solution that enables Canadian businesses to send cross-border payments of up to $10,000 in foreign currencies with speed, security, predictability and efficiency. Implemented in collaboration with J.P. Morgan and Swift, RBC is the first Canadian financial institution to introduce this capability for its business clients. “By offering cost-effective, fast and predictable cross-border payments, the introduction of Swift Go will make it easier for Canadian companies to plan their cash flow, forecast their liquidity position and do business globally,” said Lisa Lansdowne-Higgins, Senior Vice-President, Business Transformation and Deposits, RBC. “This launch in Canada is one of the many innovative ways in which RBC is collaborating with global leaders in payments innovation, ensuring that our clients have early access to the latest digital payments solutions.” Currently available to clients through the RBC PayEdge™ platform, Swift Go will provide small- and medium-sized enterprises with added flexibility and choice in how they pay suppliers around the world. Key benefits of the new service include…”

November 14, 2022

On the wires

Visa Canada and RBC Announce Collaboration to Expand Flexible Financing Options in Canada with Installment Plans


“Today, Visa and Royal Bank of Canada (RBC) announced their new collaboration to provide eligible RBC personal credit cardholders with the convenient option of converting a qualifying purchase into smaller, equal payments made over a defined period of time when shopping at participating merchants across Canada – both in-store and online. RBC is the latest issuer to support Installments enabled by Visa following the launch of the solution in Canada last year. Eligible RBC personal Visa credit cardholders can conveniently leverage their existing credit without submitting new loan applications, completing credit checks, or downloading a new app…This announcement responds to a growing consumer demand for more convenient and affordable financing solutions such as installment payments and Buy Now Pay Later (BNPL) options in Canada and globally. BNPL represents a growing portion of the global payments market, accounting for over $1.7 trillion CAD of global payment volume.1 Visa research showed that up to half of all global consumers expressed interest in installment financing offered by their existing credit card issuer.2”