Modernized payment solutions aid the transportation sector

by RBC

RBC implements Interac e-Transfer® for Business for a faster, more efficient payment experience

The global marketplace is evolving, and the pandemic has further exacerbated the demand among businesses and consumers alike for fast, flexible, digitally-enabled experiences, especially when it comes to payments.

“Clients are demanding more transparency [and] faster receipts that will really help them plan out their cash conversion cycles,” says Katie Yu, Vice President, Commercial Financial Services, RBC. “They’re also looking for more insights and data that will help them understand their customers better.”

And while the transportation sector is evolving, many companies still send out paper-based payment options for cheques and invoices. As a result, clients typically do not receive payments for several weeks, or even months, explains Yu. This has drastically impacted their ability to manage capital and operating expenses.

To help these clients, RBC has been on a journey to digitize its payment solutions and provide enhanced payment capabilities. The bank’s implementation of the latest
Interac e-Transfer for Business solution is just one of the many ways in which RBC is enabling organizations in the transportation sector to move into the future of payments.

“We’re taking the best features of Interac e-Transfer that have been available to businesses over the last few years, putting them together, and creating a new payment solution that will address the needs of today’s businesses operating in an ‘always on’ world” says Michelle Brick, Senior Director, Digital Real-Time Payments Integration, RBC.

Introducing real-time payments allows the transportation sector to become more efficient. RBC’s implementation of this time-saving capability aims to simplify and streamline the payment process, reducing reliance on cheques and replacing paper-based methods, says the bank. It will also unlock and leverage data, including invoice details in senders’ messages. This information can be included with each payment, which will helps businesses gain insights to better meet customer needs.

“Not only will payments be faster,” says Gino Di Paolo, Senior Manager, Product Development & Initiatives, RBC, “Sending important pieces of payment information along with the transaction allows the recipient to easily reconcile payments and reduce the amount of manual investigations that can arise with paper-based transactions like cheques.  We also want to ensure that senders and receivers know instantly whether their payment has been accepted or rejected through real-time notifications.”

Suitable for businesses big and small, RBC’s offering of
Interac e-Transfer for Business will also allow businesses to process payments during non-bank hours every single day, including holidays and weekends. This compares to traditional methods like electronic data interchange (EDI) or automated funds transfer (AFT), which do not provide this option and, instead, process payments three times a day, Monday to Friday using batch processes.

Data, security and fraud prevention are, without a doubt, hot topics when it comes to adopting new technologies and solutions in an increasingly digitized world. According to Brick, securing digital payments is the utmost priority for RBC as it champions the adoption of payment modernization solutions in Canada.

She emphasized that at the forefront of any new product consideration, RBC’s priority is to help clients mitigate the risk of fraud and protect their hard-earned capital by offering effective, industry-leading solutions without compromising reliability or security.

“Whether businesses need to process bulk payments, or single transactions, the payment solutions offered by RBC are flexible to meet their unique needs,” echoes Di Paolo. “Whichever solution they choose, it’s all accessible through a reliable and easy-to-use RBC-hosted solution.”

Overall, RBC’s goal is to understand the unique needs of business clients operating in the rapidly evolving transportation sector, and provide them with integrated, digitally-enhanced solutions that help businesses improve operational efficiencies.

“In doing so, we’re helping businesses free up more time to focus on innovating their business and spend time with their customers, which we know is their ultimate goal,” says Brick.

*Interac e-Transfer is a registered Trade-mark of Interac Corp. Used under licence.