Overview

RBC will be implementing improved settlement options for Customers that bank with them.

RBC 7-365 Day Settlements

What is changing with the RBC 7-365 Day Settlements?

• RBC will move from settlements only occurring during business days, to seven (7) days a week, 365 days a year – including holidays.
• This change will mean your business will have funds, fees, chargebacks, etc., settled each day, including weekends and holidays, moving forward.
• It will enable improved cash flow and more accurate daily financial reporting for your business.

Can I opt out of 7/365 settlement with RBC?

• No, this is a permanent change affecting all RBC business banking Customers.

Is this only for RBC business banking Customers?

• Yes, this only applies to RBC business banking Customers.

Does the RBC 7-365 Day Settlements apply to all card brands?

• Yes, this applies to all card brands processed and deposited to an RBC business account.

Does the RBC 7-365 Day Settlements only apply to Moneris Customers that bank with RBC or all RBC business clients?

• This change applies to Moneris merchants that bank with RBC.

What does the RBC 7-365 Day Settlements mean for my automated reporting?

• Merchants, Partners and ISVs will need to review and adjust any automated processes that use the data from RBC reporting platforms to ensure these updates do not impact their regular reporting.
• All automated data files and reporting from Moneris will be unchanged and contain the full details as they do today.

Does RBC 7-365 Day Settlements mean funds, fees and chargebacks will be processed on weekends and holidays?

• Yes, all funds, fees, chargebacks, etc., will be processed 7 days a week.

Does RBC 7-365 Day Settlements mean that the timeframe to respond to chargebacks is shortened due to when they are posted to my account?

• There is no change to chargeback response timeframes, as they already included weekends as part of the process.