Royal Bank of Canada (RBC) has acquired cloud-based payments fintech company WayPay.
The Ontario-based payment fintech enables business customers to streamline payments to pay suppliers, contractors, and employees.
The WayPay solution can be integrated with major accounting platforms automating payables to create significant time and cost savings.
The acquisition of WayPay will enable RBC to offer its business customers with an automated payables and payments solution.
Furthermore, it will enable RBC to bring all payment types together onto one platform. The move will help the clients to receive a more comprehensive view of their accounts.
It will also expedite the process to switch from manual, paper-based processes to digital payments.
RBC Business Financial Services executive vice-president Greg Grice said: “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.
“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.”
Following the acquisition, WayPay will continue to be an agnostic solution.
WayPay co-founder Robert Bast said: “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.”