New integration between RBC PayEdge™ and Xero will allow more business owners to benefit from automated accounting reconciliations and digital payments, designed to create significant time and cost savings
TORONTO, Oct. 12, 2023 /CNW/ - Royal Bank of Canada (RBC) and Xero, the global small business platform, today announced an integration that will allow business customers to sync their RBC PayEdge™ account with Xero to simplify and automate payments to suppliers around the world.
RBC PayEdge™ is a payments platform that allows businesses to combine multiple funding sources regardless of a client's bank or account type, pay suppliers in the payment form of their choice, and gain more flexibility with their working capital tools. Canadian businesses using Xero will now be able to import authorized invoice details into RBC PayEdge™, fund and pay their suppliers through their chosen method, and automatically post the reconciling journal entry back to Xero once done.
As a result, businesses will be able to automate their invoice-to-pay process and manage their payments workflow from one location, that may lead to increased efficiency and savings. With access to cash flow data, business owners no longer need to wait for month-end statements and can effectively streamline processes to improve overall financial administration.
"Adopting the latest digital payment solutions and technologies is one of the fastest growing priorities for small businesses who are increasingly looking for innovative ways to simplify and expedite their payment needs while maximizing their cash flow," says Lisa Lansdowne-Higgins, senior vice president, Business Transformation and Deposits, RBC. "We're excited to introduce the integration of the RBC PayEdge™ and Xero platforms, allowing business owners to unlock the power of automated reconciliation and digital payments, while realizing significant time and cost savings."
"The ability to pay supplier bills is a crucial part of conducting day-to-day business. The integration with RBC PayEdge™ will simplify the bill pay experience, allow small businesses to access cost-efficient payment methods, and give an up-to-date view of their cash flow so they can make better business decisions," says Faye Pang, Canada country manager, Xero.
Connecting to Xero is just one of the many ways in which RBC truly delivers value beyond traditional banking and supports business owners along every stage of their entrepreneurship journey. As an RBC client, businesses have access to exclusive offers and solutions that help them simplify their operations, and save time and money, whether it be registering and incorporating their business with Ownr, integrating a range of ecommerce services and payment solutions with Moneris, searching for talent with Indeed – Canada's #1 job site – or seeking real-time customer insights and market trends to find their next growth market with RBC Insight Edge™ for Small Business. Contact your RBC Advisor to learn more about our beyond banking services.
RBC was also recognized as the winner of the 2023 Best Treasury and Cash Management Provider for Canada by Global Finance for its market-leading efforts to deliver payment innovations and digital banking solutions, including RBC PayEdge™.
The RBC PayEdge™ integration is now available to Xero customers looking to transform the way their payables are processed. Current RBC PayEdge™ subscribers with Xero accounts can sync their payables and invoice details directly through their PayEdge dashboard.
Click here to learn more https://apps.xero.com/ca/app/rbc-payedge.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank
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