The Royal Bank of Canada (RBC) has acquired WayPay, a Canadian payments fintech firm that offers accounts payable automation and payment optimisation for business clients.
Image: Royal Bank of Canada in Fairview Broadway. Photo: Courtesy of Wpcpey/Wikipedia.org
The Canadian lender said that acquiring WayPay would add automated accounts payable solution to its suite of digitally-enabled services for business clients.
WayPay helps in connecting several accounting platforms, enabling its business clients to reduce their payables pain points by improving reconciliation and approvals process, while saving time and money.
WayPay works with major Canadian banks and credit unions. It allows business users to easily connect and access their bank accounts and pay suppliers, contractors and employees.
RBC business financial services executive vice-president Greg Grice said: “This acquisition enables us to expand our portfolio of digitally-enabled capabilities and advice for our business clients and further strengthens RBC’s position as a digital leader in the market.
“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.”
According to the Canadian bank, several businesses are already planning to transition from paper cheques, as manual reconciliation can be time-sensitive process and it is also prone to errors.
RBC believes that the latest acquisition will allow the bank to bring new capabilities to all of its payments types together onto one platform, thereby providing its clients with a comprehensive view of their accounts while facilitating a shift from manual, paper-based processes to digital payments.
WayPay co-founder Robert Bast said: “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. We are helping businesses spend less time approving and reconciling their payables and providing greater visibility so they can focus on building and growing their business.
“We are thrilled to join the RBC team where we see incredible synergies which will create even more value and ensure many more business owners benefit from the power of automated reconciliation and digital payments.”
In June this year, the bank introduced RBC Express Track Wire Payments, a feature that allows business clients to track their wire payments in real time through its online business banking channel RBC Express.