Categories: B2B Payments

RBC Bank Automates AR Collection Reminders

The Royal Bank of Canada (RBC) is the first Canadian financial institution to offer businesses Interac eTransfer: Bulk Request Money for the efficient management of accounts receivable (AR), RBC announced Tuesday (Feb. 11).

The feature enables businesses to send multiple payment requests at the same time while also triggering automated reminders to streamline the process and save time. Interac eTransfer: Bulk Request Money is a subscription-based service for RBC business banking customers that can be facilitated via RBC Express or RBC’s Network Gateway.

“This capability introduces a new level of efficiency and control in managing a business’s receivables and cash flow,” said Lisa Lansdowne-Higgins, vice president of Business Deposits & Treasury Solutions at RBC. “We’ve digitized the manual reconciliation process and eliminated the need for expensive, paper-based [checks]. In doing so, we’ve simplified the transaction experience and alleviated a huge pain point for both our business clients and their customers.”

Interac eTransfer: Bulk Request Money offers payment reminders that can be facilitated using the payor’s email address or phone number. Payors can submit payment using Interac eTransfer and transfer funds using their online banking channel.

In addition, payment reconciliation reports are produced daily, and tracking outstanding AR is streamlined.

Businesses can also brand reminder notifications with the company’s logo and message, as well as specify the frequency of payment request alerts.

“This new feature leverages our deep knowledge and proven capabilities in fraud detection and prevention, data analytics, direct messaging and reporting to help Canadian businesses manage their payment process with greater ease and confidence,” said Peter Maoloni, vice president of Product & Platform Delivery for Interac Corp.

AR is increasingly joining the conversation when it comes to expanding beyond digitization to using technology to optimize operations beyond number-crunching.

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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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