RBC digital payment processing tools bring advanced functionality to logistics providers 

by RBC

Whether a logistics provider is operating domestically or globally, fast and efficient payments are critical to running smooth operations. As the global ‘always-on economy’ becomes more complex, and pressures for timely movement of goods becomes more challenging, the need for faster, safer, and data-rich transactions is more compelling than ever.  

Logistics companies face a broad range of payment demands, ranging from suppliers and subcontractors to transport companies and other third-party providers. In many cases payments must be processed in real-time or on a recurring schedule. Often, settlements can involve multiple currencies.  

Many logistics companies continue to make payment processing through paper-based options such as invoices and cheques, leading to slow turnaround times and delayed or lost payments. Manual reconciliation also means reporting delays and does not allow for a near real-time view of cash flow and financial position at any given time.  

One way to reduce the hassles and time spent making payments and reconciling accounts is embedding digital into their payment processing systems. This not only speeds transactions, it also reduces manual processing and reconciliation by automating the integration of banking information into the company’s financial system of record. 

RBC has introduced two new and easy to use services to help organizations easily and securely embed and automate digital payment processing into their systems and processes: RBC® Move Money API via Interac e-Transfer(ǂ), and RBC PayEdge.  

RBC Move Money API via Interac e-Transfer allows companies to send near real-time Interac e-Transfer transactions in Canada through an embedded API service. Rather than toggling between banking or internal/accounting and ERP platforms, RBC Move Money API via Interac e-Transfer enables businesses to send Interac e-Transfer transactions within the system they already use—from their company payment platforms or portals to treasury management systems like FIS and Kyriba to enterprise resource planning systems like SAP or MS Dynamics.  

RBC is leading innovation with clients to offer this ability, enabling businesses to send secure payments via email, SMS or bank account information up to $25,000 with immediate settlement of funds directly into their financial ledger system.  

With RBC Move Money API via Interac e-Transfer, organizations can reduce their payment cycle times to suppliers, as well as keep current on their domestic cash flow and position. Because it automates the integration of banking information into their existing financial system, payment details (along with enriched remittance details), companies can save valuable time and costs associated with reconciliation.    

PayEdge is designed to manage payments and invoices to multiple suppliers (e.g., subcontractors, fleet leasing) at different times, and in different countries. It integrates with existing accounting platforms such as QuickBooks, Sage, and Xero to import payables and invoice details and enable complete digital reconciliation to the platform once the payments have been sent.  

RBC PayEdge makes it simple for managers to combine funds from multiple sources from any Canadian bank, MasterCard, and Visa, and pay multiple recipients and invoices in a single payment order. They can also pay suppliers in their preferred format (ACH, wire, bill payment), and in 100 currencies through 130 countries.  

The RBC PayEdge digital wallet option also allows managers the flexibility to load funds in advance of payment processing, which is especially useful where timing of payments is critical, such as fleet payments. 

Users don’t have to have their bank accounts with RBC to use PayEdge as they can access funds from available balances in client owned CAD or USD accounts at any domestic financial institution.  

To save even more time and effort, managers can set up supplier payment profiles to manage their contact information, preferred payment methods and banking details. These are then embedded directly into the payment process when needed, allowing managers to securely and efficiently reach out to suppliers directly when required.  

RBC Move Money API via Interac e-Transfer and PayEdge also help to minimize fraud and cybersecurity as payments have the same level of fraud controls as RBC’s existing platforms.  

“Each business is complex and unique, and logistics firms are increasingly looking for the flexibility to pay or be paid according to their specific needs,” says Lisa Lansdowne-Higgins, Senior Vice President, Business Transformation and Deposits, RBC.  

“With capabilities like RBC Move Money API via Interac e-Transfer or PayEdge, the payment solutions offered by RBC can now be tailored and embedded in a business’ ecosystem. This means unlocking not only faster and more efficient payments, but also more functionality and innovation from their existing platforms. By bringing these time and cost savings, we’re making it easier for Canadian businesses to manage their payables and receivables, increase efficiency, and succeed in today’s digital, always-on economy.” 

For more information on PayEdge and RBC Move Money API via Interac e-Transfer visit rbc.com/payedge and rbcroyalbank.com/business/api/index.