The following article has been provided by RBC.
It goes without saying that fast, seamless and efficient payment processes are critical to operational efficiency. So it’s a wonder why many businesses and accounting practices continue to rely on paper-based payment processes that are inherently slow, prone to mistakes, disconnected and require significant manual reconciliation.
Yet as our global, “always-on” economy grows increasingly complex, modern digital tools offer significant savings and efficiencies while providing a near-real-time window into cash flow and financial standing. It’s why the demand for faster, safer, data-rich transaction solutions that support the seamless flow of payments and reporting keeps growing, while the payment technology continues to evolve.
As more businesses turn to digital and embedded payment services, today’s latest digital payment solutions, like application programming interfaces (APIs), are enabling greater integration, innovation and automation within a business’ existing platforms than ever before. To help further simplify the transition to a secure digital payment processing and reporting model, RBC recently introduced two new and easy to deploy services: RBC® Move Money API via Interac e-Transfer(ǂ) access and PayEdge.
RBC Move Money API via Interac e-Transfer allows companies to send near real-time Interac e-Transfer transactions in Canada through an embedded API service from their existing platforms. This leading innovation from RBC enables businesses to send secure ‘push’ payments via email, SMS, or bank account information up to $25,000 with immediate settlement of funds directly into their financial ledger system.
“Insurance businesses are increasingly looking for the flexibility to pay claimants or be paid according to their specific needs. With enhanced capabilities like RBC Move Money API via Interac e-Transfer or RBC PayEdge, the payment solutions offered by RBC can now be tailored and embedded in a business’s ecosystem,” said Lisa Lansdowne-Higgins, senior vice president, business transformation and deposits, RBC. “This means unlocking not only faster and more efficient payments, but also more functionality and innovation from their existing platforms.”
Rather than toggling between banking or internal/accounting and ERP platforms, RBC Move Money API via Interac e-Transfer enables businesses to send Interac e-Transfer transactions within the system they already use—from treasury management systems like FIS and Kyriba to enterprise resource planning systems like SAP or MS Dynamics.
Enriched remittance data, like Invoice details, are uploaded automatically, saving valuable time and costs associated with reconciliation. In addition, to support the configuration of RBC APIs into a company’s system, RBC also provides technical support and a payment simulator with test data prior to going live. And because payments have the same level of fraud controls as RBC’s existing platforms, these new digital tools also help to minimize fraud and cybersecurity.
Designed to help insurers automate payments to suppliers or payouts to policyholders, RBC PayEdge is an alternative to an embedded API within a company’s system. It integrates with existing accounting platforms such as QuickBooks, Sage and Xero to import payables and invoice details and complete digital reconciliation to the platform once the payments have been sent. With PayEdge, businesses can combine funds from multiple sources from any Canadian bank, MasterCard and Visa to pay multiple suppliers and invoices in a single payment order. They can also pay suppliers in their preferred format (ACH, wire, bill payment), and in 100 currencies across 130 countries.
Digital payments services are improving the ways businesses operate. And, like our economy, they continue to evolve and adapt faster than ever before.
For more information on PayEdge and RBC Move Money API via Interac e-Transfer visit: rbc.com/payedge and rbcroyalbank.com/business/api/index.
