B2B Payments

Royal Bank of Canada, Wave Merge SMB Banking And Accounting Tools

Traditional banks and FinTechs are increasingly partnering on an array of financial services, including those for small business lending. The Royal Bank of Canada (RBC) is now looking to go a step further with a FinTech partnership aimed at small business financial management.

In an announcement Thursday (Oct. 12), RBC and Canadian FinTech Wave announced their collaboration integrating invoicing, accounting and financial management services for small businesses. Through the partnership, Wave’s offering will be integrated into the RBC’s online business banking portal. According to the companies, it is the first integration of its kind in North America enabling small business customers to manage a full suite of financial management services through a single platform and single sign-on, combining banking and accounting data for bookkeeping, invoicing, expense tracking and other tasks.

“We’re always exploring how we can use emerging technologies to simplify the complex issues our small business clients face and help them achieve their goals,” said Jason Storsley, RBC vice president of small business, in a statement. “Small businesses generally don’t have dedicated accounting and billing staff. It’s typically the owner of the business who is managing the finances, and completing these take up valuable time. Working with Wave, we’ve created a unique platform where the business owners’ financial life is contained under one roof, making it easier for them to manage their business. This means a small business owner can spend more time being the CEO of their business and less time being the CFO.”

“Entrepreneurs and small business owners have a range of financial activities and tasks they need to accomplish,” added Wave CEO and co-founder Kirk Simpson in another statement. “On a daily basis, they’re sending invoices, processing payments and doing their bookkeeping. By embedding Wave’s complete small business tools into RBC’s online business banking platform, small business owners now have one single destination to manage their financial life.”

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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