Acquisition will add automated account payables solution to RBC’s industry-leading suite of digitally-enabled business offerings
Toronto, ON (July 9, 2019) – RBC has announced the acquisition of WayPay, a cloud-based payments fintech headquartered in Burlington, Ontario, that offers business clients a best-in-class solution for accounts payable automation and payment optimization. By seamlessly connecting to leading accounting platforms, WayPay specializes in helping companies reduce their payables pain points by improving the reconciliation and approvals process, creating significant time and cost savings.
“This acquisition enables us to expand our portfolio of digitally-enabled capabilities and advice for our business clients and further strengthens RBC’s position as a digital leader in the market,” says Greg Grice, Executive Vice-President of Business Financial Services at RBC. “By integrating WayPay’s innovative payment solution, we’re able to provide clients with a secure, simple and automated payables and payments solution as part of RBC’s comprehensive suite of business offerings to help them manage and grow their business with greater ease and efficiency.”
Many businesses are already planning the transition from paper cheques as manual reconciliation is a time-sensitive process prone to errors. The acquisition of WayPay will add new capabilities for RBC to bring all payment types together onto one platform, providing clients with a more comprehensive view of their accounts while facilitating the shift from manual, paper-based processes to digital payments.
“WayPay was built to allow businesses to automate their payables process regardless of their accounting software and how many, what type, or where in the world they wish to send a payment. We are helping businesses spend less time approving and reconciling their payables and providing greater visibility so they can focus on building and growing their business,” says Robert Bast, Co-Founder at WayPay. “We are thrilled to join the RBC team where we see incredible synergies which will create even more value and ensure many more business owners benefit from the power of automated reconciliation and digital payments.”
WayPay will continue to be an agnostic solution which means users can benefit even if they wish to use products from other financial institutions on the platform. Learn more at www.waypay.ca.
About RBC Insurance
RBC Insurance® offers a wide range of life, health, home, auto, travel, wealth, annuities and reinsurance advice and solutions, as well as creditor and business insurance services to individual, business and group clients. RBC Insurance is the brand name for the insurance operating entities of Royal Bank of Canada, one of North America’s leading diversified financial services companies. RBC Insurance is among the largest Canadian bank-owned insurance organizations, with approximately 2,900 employees who serve more than five million clients globally. For more information, please visit rbcinsurance.com.
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 84,000+ employees who 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 more than 16 million clients in Canada, the U.S. and 34 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-sustainability.
Source: RBCTags: Acquisition, FinTech, RBC Insurance