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Finance & Economics

Interac payment solution for businesses goes live in Canada

Feb 12, 2020

Subscribed RBC business banking customers can facilitate the Interac e-Transfer feature

RBC

Interac payment solution for businesses goes live in Canada. Source: shutterstock.com

RBC now offers the Interac e-Transfer: Bulk Request Money feature to its business banking clients.

The feature is a digital, subscription-based service allowing businesses to send multiple payment requests at once. It also includes automated reminders to streamline the process and make it less time-consuming.

The Interac payment solution provides a simplified initiation process. It means that payment reminders can be facilitated with the users’ email or phone number, eliminating the need for customer bank account details or void cheques.

Along with that, all payors will automatically receive email or SMS reminder notifications to fulfill payment requests.

The Interac e-Transfer also produces tracking of outstanding accounts receivables and payment reconciliation reports for business clients.

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. This is one of the many ways RBC is offering the latest in digital payments solutions to deliver enhanced banking experiences for our clients
Lisa Lansdowne-Higgins, Vice-President, Business Deposits & Treasury Solutions, RBC

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