The integration centres around RBC's PayEdge platform, designed to enable businesses to amalgamate funding sources, irrespective of the client's bank or account type, and pay suppliers using their preferred payment methods. This development allows Canadian businesses using Xero to import authorised invoice details into RBC PayEdge, facilitate supplier payments through their chosen methods, and automatically update the reconciliation data in Xero once the process is complete.
The primary benefit of this integration is the automation of the invoice-to-pay process, centralising payment workflow management to enhance efficiency and cost savings. It eliminates the need for business owners to wait for month-end statements, streamlining financial administration.
According to RBC officials, the adoption of digital payment solutions is increasingly important for small businesses looking to simplify and expedite their payment processes while optimising cash flow.
In the company press release, representatives from Xero emphasised the integration's importance in simplifying bill payments, offering cost-efficient payment options, and providing real-time cash flow insights to aid business decisions.
The press release further details that the integration with Xero is just one of several ways RBC supports businesses beyond traditional banking. Specifically, RBC clients gain access to exclusive offers and solutions, potentially simplifying operations and saving time and money in various aspects of their business journey.
The RBC PayEdge integration is available for Xero customers seeking to modernise their payables processing. Existing RBC PayEdge subscribers with Xero accounts can synchronize their payables and invoice details via the PayEdge dashboard.
In August 2023, bank payments company GoCardless renewed its ongoing collaboration with Xero. The new agreement builds on a 2016-started long-term relationship with a focus on helping small businesses get paid faster. For GoCardless, this also marked a doubling-down in the accountancy space.
Royal Bank of Canada, a globally recognised financial institution, focuses on innovation and customer experience, as it serves more than 17 million clients in Canada, the US, and 27 other countries.
In September 2023, according to Reuters, Royal Bank of Canada had injected capital into its Los Angeles-based subsidiary City National to improve the unit's liquidity and pay down a higher cost of borrowing. RBC, which bought City National in 2015 for USD 5.4 billion, revealed that the move is part of management actions to improve profitability at City National. The bank did not disclose how much capital it had injected into the unit.
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