RBC launches real-time, data-enriched payments through Interac e-Transfer‡ for Business

This enhanced payment solution helps business clients save time, instantly send and receive funds, and gain access to critical payment information to simplify the reconciliation process

TORONTO, Aug. 4, 2021 /CNW/ - Operating at the forefront of the 'always-on' economy, Canadian businesses are constantly re-examining their operations and service models to adapt to the digital economy and they expect their payments solutions to keep pace. To meet this demand for faster, more powerful transactions, RBC today launched Interac e-Transfer for Business, an enhanced solution which offers real-time, data-enriched payment capabilities to business banking clients.

Building on RBC's strong foundation of market-leading payment solutions, Interac e-Transfer for Business provides three key benefits for clients:

• The ability to instantly send and receive money. Through Interac e-Transfer for Business, clients can now initiate and receive payments 24/7/365. Transactions are processed in real-time and funds are available immediately so that businesses can access these funds when they need them.
• Flexible payment routing. By providing the option to send and receive payments using a recipient's account number, email address or mobile phone number, RBC's implementation of Interac e-Transfer for Business provides clients with the ability to easily transfer funds in the way that's most convenient for them, their clients and their suppliers.
• Transparent access to payment data. With RBC's implementation of Interac e-Transfer for Business, remittance through an automated digital solution will save businesses valuable time and money, while including important payment data such as invoice details, sender messages and other payment information with each transaction through a globally recognized ISO 20022 standard. Data-enriched payments will not only reduce reliance on time-intensive cheques and paper-based payment methods, but also allows businesses to easily reconcile transactions.

"Fast, efficient payments are critical to the operational success of a business in a digital, always-on economy. By introducing greater speed, flexibility and valuable insights within the payments process, Interac e-Transfer for Business helps businesses optimize their cash flow, shift from time-intensive paper cheques, and drastically simplify their accounting reconciliation process," says Ramesh Siromani, Senior Vice-President, Enterprise Payments at RBC. "RBC is proud to offer this latest enhancement as part of our continued efforts to foster market-leading payment innovations and digitally-enabled banking experiences for our clients. In doing so, we're making it easier for our clients to bring their big ideas to life, spend more time with customers and focus on growing their business."

The launch of Interac e-Transfer for Business marks the latest step in RBC's ongoing commitment to digital banking payments innovation.

In 2015, RBC introduced the Interac e-Transfer Bulk Payables capability, which was recently enhanced with valuable features to deliver data-rich payments and higher e-Transfer limits. In 2020, RBC was the first Canadian bank to complement that capability with the launch of Interac e-Transfer Bulk Receivables – a digital, subscription-based service available to business banking clients that enables them to send multiple payment requests at once with automated reminders to streamline the process. RBC was recognized as the winner of the 2021 Celent Model Bank Award for Payments Transformation for its market-leading efforts to deliver such payment innovations and digital banking solutions, including RBC's recently launched RBC PayEdge™. RBC PayEdge is the first payments platform offered by a bank in Canada that allows businesses to combine multiple funding sources regardless of a client's bank or account type, pay suppliers in the payment form of their choice, and gain more flexibility with their working capital tools.

"Building on the widespread adoption of the Interac e-Transfer platform, Interac e-Transfer for Business has modernized commercial payments to make them seamless, faster and more transparent," said Peter Maoloni, Vice President, Product and Services, Interac Corp. "With the ability to send and receive high-value, data-rich payments digitally, Canadian businesses can maximize working capital by streamlining accounting processes and maximizing cash flow."

Interac e-Transfer for Business will be available to eligible RBC Express clients. Business clients with high payment transaction volumes can enroll in the enhanced Interac e-Transfer Bulk Payables and Receivables service, which will automatically include the enhanced Interac e-Transfer for Business feature.

To learn more about Interac e-Transfer for Business for RBC customers, please visit https://www.rbcroyalbank.com/business/paying-and-receiving/interac-etransfer-for-business.

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 86,000+ 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 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.

‡Interac and Interac e-Transfer are registered trade-marks of Interac Corp.

SOURCE RBC Royal Bank

For media inquiries, please contact: Yuri Park, [email protected], Corporate Communications, RBC