Royal Bank of Canada (RBC) has introduced RBC Express Track Wire Payments feature, allowing business clients to track their wire payments in real time via the bank’s online business banking channel.
RBC Express Track Wire Payments solution is said to leverage SWIFT’s global payments innovation (gpi) technology.
The new feature allows companies to track their wire payment as soon as it leaves RBC to the time it reaches the beneficiary’s bank at no additional cost.
A transparent view of exact status of a wire payment is said allow businesses to better plan, and enhance their cash flow and predict their liquidity position.
RBC, which is an early supporter of SWIFT’s gpi initiative, participated in its international gpi pilot and worked with the gpi Vision Group to correspondent banking and optimise payment transparency and traceability.
RBC business deposits and treasury solutions vice president Lisa Lansdowne-Higgins 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.”
SWIFT, which is a major provider of secure financial messaging services, said that more than $300bn (£235m) is now sent daily through its gpi in 148 currencies.
Around 50% of gpi payments are credited to end beneficiaries within 30 minutes, while 100% are credited within one day.
Recently, RBC and Microsoft launched RBC’s Go Digital programme designed to remove key barriers which businesses have cited as preventing or delaying their digital transformation.
RBC is claimed to be the Canada’s biggest bank and one of the largest in the world based on market capitalisation.
It provides personal and commercial banking, wealth management, insurance, investor services and capital markets products and services to its customers.
With more than 84,000 full and part-time employees, the Canadian bank serves more than 16 million clients in Canada, the US and 34 other countries.