Royal Bank of Canada acquires AP automation startup WayPay

Thursday 11 July 2019 11:17 CET | News

Royal Bank of Canada has acquired WayPay, a cloud-based payments fintech that offers business clients accounts payable automation.

The acquisition of WayPay will add new capabilities for RBC to bring all payment types together onto one platform, providing clients with a more comprehensive view of their accounts while facilitating the shift from manual, paper-based processes to digital payments.

This acquisition enables RBC to expand our portfolio of digitally-enabled capabilities and advice for the bank’s business clients. By integrating WayPay’s innovative payment solution, we’re able to provide clients with a secure, simple and automated payables and payments solution as part of RBC’s comprehensive suite of business offerings to help them manage and grow their business with greater ease and efficiency.

WayPay was built to allow businesses to automate their payables process regardless of their accounting software and how many, what type, or where in the world they wish to send a payment. The company is helping businesses spend less time approving and reconciling their payables.

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Keywords: Royal Bank of Canada, WayPay, acquisition, mergers and acquisition, M&A, banking, Canada, North America, accounts payable automation, business process automation, spend management, AP automation, B2B payments
Countries: World