RBC and Xero Join Forces to Streamline Payments in Canada
In a move that promises to revolutionise how Canadian businesses handle supplier payments, the Royal Bank of Canada (RBC) has announced a strategic partnership with the global small business platform Xero. This integration revolves around RBC’s cutting-edge PayEdge platform, designed to simplify and automate the supplier payment process.
Simplifying Supplier Payments
The heart of this collaboration is RBC’s PayEdge platform, a powerful tool that enables businesses to consolidate their funding sources, regardless of their bank or account type. This technology allows businesses to pay their suppliers using their preferred payment methods, streamlining the process.
One of the most significant advantages of this integration is the automation of the invoice-to-pay process. This centralises payment workflow management and enhances efficiency and cost savings. Business owners will no longer have to wait for month-end statements, transforming their financial administration.
Meeting the Needs of Small Businesses
Small businesses in Canada are increasingly recognising the importance of adopting digital payment solutions to simplify and expedite their payment processes while optimising their cash flow. RBC officials highlight this growing need and the benefits this integration brings.
Lisa Lansdowne-Higgins, Senior Vice President of Business Transformation and Deposits at RBC, stated, “Adopting the latest digital payment solutions and technologies is one of the fastest-growing priorities for small businesses who are increasingly looking for innovative ways to simplify and expedite their payment needs while maximising their cash flow.” She also expressed excitement about the integration’s potential to save significant time and cost.
Xero’s Perspective
Xero, a global leader in small business platforms, emphasised the importance of this integration in simplifying bill payments, offering cost-efficient payment options, and providing real-time cash flow insights to aid business decisions. Faye Pang, Canada Country Manager at Xero, underscored how this collaboration will empower small businesses to manage their payments effectively and make informed choices.
Beyond Traditional Banking
RBC’s commitment to supporting businesses extends beyond traditional banking services. This integration with Xero is just one example of how RBC offers exclusive offers and solutions to its clients. These offerings simplify operations, save time, and reduce costs in various aspects of the business journey.
A Well-Received Partnership
This isn’t the first time Xero has joined forces with financial institutions to simplify business operations. In August 2023, the bank payments company GoCardless renewed its collaboration with Xero, focusing on helping small businesses get paid faster. This continued partnership marked a significant commitment to the accountancy space.
Investing in Growth
In September 2023, RBC demonstrated its commitment to growth by injecting capital into its Los Angeles-based subsidiary, City National. This move aimed to improve the unit’s liquidity and reduce borrowing costs. RBC’s dedication to improving profitability at City National highlights its determination to effectively support its various branches and subsidiaries.
Conclusion
The partnership between RBC and Xero will transform how Canadian businesses handle their supplier payments. By automating the invoice-to-pay process and offering cost-efficient payment options, this integration is a testament to both organisations’ commitment to simplifying and improving the financial journey for small businesses. With access to exclusive offers and solutions, RBC clients have yet another reason to choose RBC for their banking needs. This collaboration exemplifies RBC’s dedication to innovation and delivering exceptional client experiences.
