The Royal Bank of Canada (RBC) has introduced Interac e-Transfer: Bulk Request Money, for its business banking clients to enable them to automate their accounts receivable (AR) process.
The subscription-based service can be enabled via RBC Express or RBC’s Network Gateway.
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Through this feature, businesses can not only send multiple payment requests at the same time but also set up automatic payments reminders.
This helps businesses to save time and streamline the AR process.
The payments reminders can be enabled using the email address or phone number of the payer.
RBC business deposits & treasury solutions vice president Lisa Lansdowne-Higgins said: “This capability introduces a new level of efficiency and control in managing a business’s receivables and cash flow.
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By GlobalData“We’ve digitized the manual reconciliation process and eliminated the need for expensive, paper-based checks.
“In doing so, we’ve simplified the transaction experience and alleviated a huge pain point for both our business clients and their customers.”
Additionally, settlement reports are produced daily, while the tracking of outstanding AR gets streamlined.
Businesses can customise reminder notifications with the company’s brand logo and can also specify the frequency of payment request alerts.
Interac Corp product & platform delivery vice president Peter Maoloni said: “This new feature leverages our deep knowledge and proven capabilities in fraud detection and prevention, data analytics, direct messaging and reporting to help Canadian businesses manage their payment process with greater ease and confidence.”
In December last year, RBC divested its operations in the Eastern Caribbean to focus on the core markets and shed non-core operations.
In the same year in October, RBC launched mobile banking to help SMEs become more efficient.
In July, RBC acquired payments fintech company WayPay to offer its business customers with an automated payables and payments solution.
In June, RBC Express Track Wire Payments feature went live to deliver enhanced digital customer payment experiences.
In May, RBC MyAdvisor platform delivered digital experience to one million Canadians.
