A growing number of suppliers, including maintenance and repair contractors, are expecting immediate payment for service, especially when prior payments have been delayed or failed. In some cases, property managers are processing high volumes of payments, making it even more challenging to keep up to date with accounting and reconciliation.
Still, a large number of property management firms continue to use paper-based payment options such as cheques or invoices. This often leads to billing and payment delays, not to mention the time spent on manual reconciliation of accounts, the culmination of which results in delayed or inaccurate views of cash flows and current financial positions on any given day.
Digital payment services are a simple and highly effective means to reduce the complexities and costs of payments to suppliers. To help property managers transition to digital payment services, RBC has introduced two exclusive new services that allow them to securely automate data entry and reconciliation in near real-time: RBC® Move Money API via Interac e-Transfer(ǂ) and PayEdge.
“Property management firms are increasingly looking for the flexibility to pay or be paid according to their specific needs,” says Lisa Lansdowne-Higgins, senior vice president, Business Transformation and Deposits, RBC. “With capabilities like RBC Move Money API via Interac e-Transfer or PayEdge, the payment solutions offered by RBC can now be tailored and embedded in a business’s ecosystem.”
RBC Move Money API via Interac e-Transfer
RBC Move Money API via Interac e-Transfer allows companies to send near real-time Interac e-Transfer transactions in Canada through an embedded API service. Rather than toggling between banking or internal/accounting and ERP platforms, this means businesses can now send Interac e-Transfer transactions within the system they already use—from treasury management systems like FIS and Kyriba to enterprise resource planning systems like SAP or MS Dynamics.
RBC is leading innovation with clients to offer this ability, enabling businesses to send secure payments via email, SMS or bank account information up to $25,000 with immediate settlement of funds directly into their financial ledger system.
This embedded banking service reduces payment cycle times to suppliers (e.g., maintenance firms, lawyers, and accounting services providers) while allowing managers to seamlessly manage their cash flow and position in near real-time. It also reduces manual processing and reconciliation by automating the integration of banking information into their financial system of record. Because payment status details are uploaded automatically with the enriched remittance details, they can save valuable time and costs associated with reconciliation.
RBC PayEdge
For larger scale or international property management operations, RBC PayEdge is designed to help automate payments to multiple legal entities and suppliers at different times and in different countries. It integrates with existing accounting platforms such as QuickBooks, Sage, and Xero to import payables and invoice details and complete digital reconciliation to the platform once the payments have been sent.
With RBC PayEdge, property managers can combine funds from multiple sources from any Canadian bank, MasterCard, and Visa to pay multiple recipients and invoices in a single payment order. They can also pay suppliers in their preferred format (i.e., ACH, wire, bill payment) and in 100 currencies through 130 countries. Once payments are completed, the same integration automates the upload of payments status details to facilitate payables reconciliation, thereby offering managers the confidence they seek when closing their payables accounts.
Users do not need to have their bank accounts with RBC to use PayEdge. They can access funds from available balances in Canadian or US dollar accounts at any domestic financial institution.
An additional option is the RBC PayEdge digital wallet. This service allows managers the flexibility to load funds in advance of payment processing, thereby reducing the overall payment process and time to settlement. This option is especially useful in situations where the timing of payments is critical; for example, in the event of emergency repairs.
To save even more time and effort, managers can set up supplier payment profiles to manage their contact information, preferred payment methods, and banking details, which are then embedded directly into the payment process when needed. This allows companies to securely and efficiently reach out to suppliers directly when required.
Saving time, enhancing security
With both RBC Move Money API via Interac e-Transfer and PayEdge, time that used to be spent matching invoices and performing repetitive administrative tasks can now be repurposed to focus on value-added activities. Moreover, these innovations help minimize fraud and cybersecurity as payments have the same level of fraud controls as RBC’s existing platforms. Additional advantages include reduced manual errors, enhanced straight-through processing (STP), and automated reconciliation directly into a company’s accounting system.
“For property managers, having services like RBC Move Money API via Interac e-Transfer or PayEdge not only unlocks faster and more efficient payments, but also allows them to get more functionality and innovation from their existing platforms,” says Lansdowne-Higgins. “By bringing these time and cost savings to our clients, we’re making it easier for Canadian property managers to process their payables and receivables, increase efficiency, and succeed in today’s digital, always-on economy.”
For more information on PayEdge and RBC Move Money API via Interac e-Transfer visit rbc.com/payedge and rbcroyalbank.com/business/api/index.
