This online feature enables businesses to streamline, expedite and automate their accounts receivable process
TORONTO, Feb. 11, 2020 /CNW/ - There are many tasks involved in running a smooth business operation. Among them is the efficient and cost-effective management of accounts receivables which is critical to maintaining a healthy cash flow. For many Canadian businesses, the manual task of notifying and reminding hundreds or thousands of customers to fulfill outstanding payments via mail, personalized emails and phone calls can be a massively time-consuming and costly ordeal. To streamline and automate the process, RBC is the first bank in Canada to offer the Interac e-Transfer: Bulk Request Money feature to its business banking clients.
Interac e-Transfer: Bulk Request Moneyis a digital, subscription-based service that enables businesses to send multiple payment requests at once with automated reminders to streamline the process and save time. The new feature delivers three key benefits:
A simplified initiation process: Payment reminders can be facilitated with the payors' email address or phone number. No need for customer bank account details or void cheques!
Get paid faster: All payors will automatically receive email or SMS reminder notifications to fulfill payment requests. If they choose to pay via Interac e-Transfer, they can quickly and securely transfer funds using their online banking channel and recipients can have certainty that the payment will not be held back by Non-Sufficient Funds (NSF).
Streamlined & efficient reconciliation: Tracking outstanding accounts receivables is streamlined and payment reconciliation reports are produced for business clients on a daily basis.
"This capability introduces a new level of efficiency and control in managing a business' receivables and cash flow. We've digitized the manual reconciliation process and eliminated the need for expensive, paper-based cheques. In doing so, we've simplified the transaction experience and alleviated a huge pain point for both our business clients and their customers," said Lisa Lansdowne-Higgins, Vice-President, Business Deposits & Treasury Solutions, RBC. "This is one of the many ways RBC is offering the latest in digital payments solutions to deliver enhanced banking experiences for our clients."
Subscribed RBC business banking customers can facilitate the Interac e-Transfer: Bulk Request Money via RBC Express® or RBC's Network Gateway. Businesses can also customize reminder notifications to payors by adding the company's logo and message, and control the number and frequency of automatic reminder notifications issued on outstanding payment requests.
"As part of our ongoing commitment to payment innovation, we're pleased to expand our product capabilities with the Interac e-Transfer: Bulk Request Money feature," said Peter Maoloni, Vice-President, Product & Platform Delivery, Interac Corp. "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."
For more information, please speak with an RBC Advisor.
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 85,000+ employees who 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 17 million clients in Canada, the U.S. and 34 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 Interac Corp. Interac Corp. operates an economical, world-class debit payments system with broad-based acceptance, reliability, security, and efficiency. The organization is one of Canada's leading payments brands and is chosen an average of 16 million times daily to pay and exchange money. For more than 30 years, Interac Corp. and its predecessors, Interac Association and Acxsys Corporation, have facilitated secure financial transactions through the development of innovative and convenient debit and money transfer solutions. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Visit newsroom.interac.ca or follow @INTERAC on Twitter. Interac Corp. has a diverse group of shareholders that includes banks, credit unions, caisses populaires, payment processors and merchants.