Royal Bank of Canada (RBC) has joined forces with New Zealand–based cloud-based accounting software provider Xero to help enterprises in Canada to automate payables process.
The partnership will allow business customers to integrate their RBC PayEdge account with Xero to streamline and automate payments to suppliers across the globe.
RBC business transformation and deposits senior vice president Lisa Lansdowne-Higgins said: “Adopting the latest digital payment solutions and technologies is one of the fastest growing priorities for small businesses who are increasingly looking for innovative ways to simplify and expedite their payment needs while maximising their cash flow.
“We’re excited to introduce the integration of the RBC PayEdge and Xero platforms, allowing business owners to unlock the power of automated reconciliation and digital payments, while realising significant time and cost savings.”
RBC PayEdge, which is a payments platform, enables enterprises to combine multiple funding sources, irrespective of a client’s bank or account type. This lets them to pay suppliers in the payment method of their preference, and achieve greater flexibility with their working capital resources.
As a result of the new integration, Canadian businesses, which leverage Xero, will be able to import authorised invoice details into RBC PayEdge. They can then fund and pay their suppliers through their preferred method and automatically post the reconciling journal entry back to Xero once completed.
It will also allow businesses to automate their invoice-to-pay process and oversee their payments workflow from one location, resulting in increased efficiency and savings.
Furthermore, business owners will no longer have to wait for month-end statements with access to cash flow data. They can also effectively optimise processes to enhance overall financial administration.
Xero Canada country manager Faye Pang said: “The ability to pay supplier bills is a crucial part of conducting day-to-day business.
“The integration with RBC PayEdge will simplify the bill pay experience, allow small businesses to access cost-efficient payment methods, and give an up-to-date view of their cash flow so they can make better business decisions.”
