Canadian Business Payables Go Digital: RBC and Xero's Joint Effort

13 Oct, 2023

Canadian Business Payables Go Digital: RBC and Xero's Joint Effort

RBC (Royal Bank of Canada) and Xero, the global small business platform, have announced a collaborative integration aimed at simplifying and automating payment processes for business customers, particularly in relation to payments to suppliers worldwide.

RBC's PayEdge™ serves as a versatile payments platform, enabling businesses to consolidate multiple funding sources, irrespective of the client's bank or account type. It offers the flexibility of paying suppliers using their preferred payment methods and provides enhanced working capital tools. For Canadian businesses utilizing Xero, this integration offers the capability to import authorized invoice details into RBC PayEdge™. They can then proceed to fund and execute payments to their suppliers through their chosen method and subsequently have the reconciling journal entry automatically posted back to Xero.

The integration streamlines the invoice-to-payment process, offering businesses greater efficiency and potential cost savings. With access to real-time cash flow data, business owners no longer need to wait for monthly statements, thus improving overall financial administration.

Lisa Lansdowne-Higgins, Senior Vice President of Business Transformation and Deposits at RBC, expressed that the adoption of the latest digital payment solutions and technologies is becoming increasingly vital for small businesses. They seek innovative ways to simplify and expedite their payment processes while optimizing their cash flow. The integration of RBC PayEdge™ and Xero platforms offers a powerful solution for automating reconciliation and digital payments, ultimately leading to significant time and cost savings.

Faye Pang, Canada Country Manager at Xero, emphasized the significance of simplified bill payments for day-to-day business operations. The integration with RBC PayEdge™ not only streamlines the bill payment experience but also provides small businesses with access to cost-effective payment methods and real-time cash flow data, facilitating more informed business decisions.

Furthermore, RBC has received recognition as the winner of the 2023 Best Treasury and Cash Management Provider for Canada by Global Finance. This recognition acknowledges RBC's commitment to delivering payment innovations and digital banking solutions, including the RBC PayEdge™ platform.

The RBC PayEdge™ integration is now available for Xero customers seeking to revolutionize their payables processes. Current RBC PayEdge™ subscribers with Xero accounts can conveniently sync their payables and invoice details directly through their PayEdge dashboard.