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RBC rolls out tracking of wire payments with a new real-time service

25/06/2019

Technology advancements have allowed for enhanced visibility into the real-time status of payments made which includes everything from online orders and food deliveries to flights and rides, alleviating the suspense of the wait for customers. RBC have launched their 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 tracking 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.

RBC participated in SWIFT’s international gpi pilot and have actively worked with the gpi Vision Group to help streamline correspondent banking and improve payment transparency and traceability.

Lisa Lansdowne-Higgins, Vice-President, Business Deposits & Treasury Solutions, RBC said, “This is a powerful new digital feature that offers enhanced visibility into the status of a domestic or international wire payment,” . “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.

Author: Kate Nelson