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Fintech News for Payments professionals

RBC makes it easy for businesses to track wire payments with real-time service

Source: RBC

Advanced technologies have enabled enhanced visibility into the real-time status of everything from online orders and food deliveries to flights and rides, alleviating the suspense of the wait for customers.

Today, the wait is over for businesses looking for the same transparency and convenience with their wire payments. RBC, the market leader in cross-border payments, launched the RBC Express® Track Wire Payments feature as part of the bank's ongoing commitment to deliver seamless, digitally-enabled client payment experiences. This new capability allows business clients to track their wire payments in real time through the bank's online business banking channel, RBC Express.

The RBC Express® Track Wire Payments solution leverages SWIFT's global payments innovation (gpi) technology, the new standard and the most significant change in cross-border payments in the last 30 years. Companies can now track their wire payment from the moment it leaves RBC to the time it reaches the beneficiary's bank at no additional cost. A transparent view of the exact status of a wire payment enables businesses to better plan and optimize their cash flow and predict their liquidity position.

As an early supporter of SWIFT's gpi initiative, RBC participated in its international gpi pilot and actively worked with the gpi Vision Group to help streamline correspondent banking and improve payment transparency and traceability.

"This is a powerful new digital feature that offers enhanced visibility into the status of a domestic or international wire payment," said Lisa Lansdowne-Higgins , Vice-President, Business Deposits & Treasury Solutions, RBC, who also represents Canada on SWIFT's global board of directors. "For the first time, our clients will have a transparent view of the end-to-end wire payments process, which will result in fewer inquiries around tracking details and discrepancies around funds sent versus funds received."

According to SWIFT – the world's leading provider of secure financial messaging services – more than US$300 billion is now sent daily via SWIFT gpi in 148 currencies. Nearly 50 per cent of gpi payments are credited to end beneficiaries within 30 minutes and nearly 100 per cent are credited within 24 hours. 

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