News - Update for Remittance Processing

We have recently updated our administration processes to comply with requirements established by the Canadian Payment Association (CPA). As a result of these changes, the processing time of remittance submissions for group savings plans will be affected and, dependent on the time of receipt, submissions may not be processed the same day.

Please note: All remittance submissions received in good order will be processed no later than the end of the next business day following receipt.

This change will also affect the description displayed on your bank account statement. Your statement will now reflect the remittance as “MISC. Payment RBC Payroll.”

To ensure that we meet any payroll contribution requirements you have in relation to quarter-end or year-end, we ask that you submit your remittance request two business days prior to the end of the last business day of the period in which you wish your remittance transaction to be reflected.

The guidelines set by the CPA are designed to facilitate the flow of funds between institutions and mitigate risk to participants. Further, these guidelines help ensure privacy and security for participants.