Royal Bank of Canada and Toronto Regional Real Estate Board collaborate to bring digital payment solutions to the Canadian real estate industry

Collaboration will allow TRREB members to benefit from automated accounting reconciliation and digital payments with RBC PayEdge™

TORONTO, May 8, 2024 /CNW/ - The collaboration between Royal Bank of Canada (RBC) and the Toronto Regional Real Estate Board (TRREB) – Canada's largest real estate board – aims to help brokerages make fast, seamless and secure payments with RBC PayEdge − an innovative payment platform that simplifies and automates the accounts payable process, that may create significant time and cost savings for users.

TRREB members using RBC PayEdge can now transform a manually intensive and predominantly cheque-reliant payables process into a fully digital one by streamlining transactions and combining multiple funding sources from any Canadian bank account to expedite real estate commission payments. Members can also integrate RBC PayEdge with most accounting and enterprise resource planning software to pay invoices, easily reconcile payment information and payment workflows.

"Real estate professionals and brokerages are increasingly looking for ways to overcome the inefficiencies and limitations of traditional, cheque-based payment solutions that make it challenging to operate in a digitally-driven market. With enhanced capabilities like RBC PayEdge, users can unlock the power of a faster, more efficient and integrated payment solution that optimizes their cash flow and allows them to spend more time helping clients find their dream homes," says Lisa Lansdowne-Higgins, senior vice president, Business Transformation and Deposits, RBC.

With RBC PayEdge, brokers and real estate professionals will benefit from the shift to digital payments, eliminating the administrative burden or delays from physically issuing and writing cheques, while providing a traceable record of their electronic transactions.

"Using innovative technology is key for the real estate industry. With RBC PayEdge, our members are benefitting from a digital payment solution that seamlessly integrates a critical part of their business. This tool will effortlessly automate business payments, eliminate manual administration and expedite commission payments," says John DiMichele, CEO, TRREB.

The collaboration with TRREB is one of the many ways RBC is helping clients digitize their payment processes. With access to holistic solutions and advice, RBC is enabling business clients to simplify their operations, and save time and money, whether it's integrating modernized e-commerce services and payment solutions with Moneris or providing real-time customer insights and market trends to help clients find their next growth opportunity with RBC Insight Edge™.

RBC was recognized as the winner of the 2023 Best Treasury and Cash Management Provider for Canada by Global Finance Magazine and Celent Model Bank Award for Payments Transformation for its market-leading efforts to deliver payment innovations and digital banking solutions, including RBC PayEdge.

RBC PayEdge is now available to TRREB members looking to digitally transform their accounts payable process and automate commission payments. As members of TRREB, real estate professionals also benefit from access to exclusive pricing. To learn more, please visit rbc.com/PayEdge.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. The information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 94,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

About TRREB
The Toronto Regional Real Estate Board is Canada's largest real estate board with over 71,000 residential and commercial professionals connecting people, property and communities.

SOURCE RBC Royal Bank

Shivani Talwar, RBC Corporate Communications, [email protected]