RBC Introduces Bulk Interac E-Transfer Money Requests

In RBC’s latest move towards frictionless digital banking, the bank is streamlining the process of handling business transactions.

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Need to Know

  • RBC is the first bank in Canada to offer an Interac e-Transfer Bulk Request Money capability.
  • The new service offers an automated no-hassle process for RBC’s business banking clients.
  • RBC has 86,000 employees who serve 16 million clients in Canada, the US and 34 other countries.
  • RBC was named ‘North American Retail Bank of the Year’ by Retail Banker International for the second year in a row.

Analysis

RBC just announced a new feature beneficial for Canadian businesses: Interac e-Transfer: Bulk Request Money.

“This capability introduces a new level of efficiency and control in managing a business’ receivables and cash flow. We’ve digitized the manual reconciliation process and eliminated the need for expensive, paper-based cheques. In doing so, we’ve simplified the transaction experience and alleviated a huge pain point for both our business clients and their customers,” said Lisa Lansdowne-Higgins, VP of business deposits and treasury solutions for RBC.

This new feature will eliminate the need for void checks, banking details, or other drawn-out banking processes. Instead, all business customers will need is an email or a phone number to get started, and customized reminders will be sent to any number of clients automatically. Not only that, but accounts receivables tracking becomes streamlined with daily, automatically generated payment reconciliation reports. 

This feature will remove the friction in the invoicing process, and, for many businesses, the “getting paid” process overall.

“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, VP of product and platform delivery for Interac. 

RBC is the first bank in Canada to offer this solution to their business customers, but RBC has been evolving its service offerings for businesses through digital technologies for years. Not only that, but RBC has won awards for their digital innovations, such as NOMI Insights and NOMI Find & Save.

In 2019, RBC announced a Go Digital program in partnership with Microsoft in an attempt to help Canadian businesses capitalize on advancements in smart technologies and cloud solutions.

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