Royal Bank of Canada (RBC) is teaming up with Toronto Regional Real Estate Board (TRREB). As a result of the collaboration, TRREB members will benefit from automated accounting reconciliation and digital payments with RBC PayEdge. TRREB is Canada’s largest real estate board. It aims to help brokerages make fast, seamless and secure payments with RBC PayEdge. The innovative payment platform simplifies and automates the accounts payable process, providing significant time and cost savings for users.

TRREB members using RBC PayEdge can now transform a manually intensive and predominantly cheque-reliant payables process. Instead, fully digital process streamlines transactions and combines multiple funding sources from any Canadian bank account. In turn, this expedites the real estate commission payments.

TRREB members can integrate RBC PayEdge with accounting and ERP software

Members can also pay invoices and easily reconcile payment information and payment workflows.

“Real estate professionals and brokerages increasingly look for ways to overcome the inefficiencies and limitations of traditional, cheque-based payment solutions. This makes it challenging to operate in a digitally-driven market. With enhanced capabilities like RBC PayEdgeusers can unlock the power of a faster, more efficient and integrated payment solution. It optimises their cash flow and allows them to spend more time helping clients find their dream homes,” said Lisa Lansdowne-Higgins, senior vice president, Business Transformation and Deposits, RBC.

With RBC PayEdgebrokers and real estate professionals will benefit from the shift to digital payments. It eliminates the administrative burden or delays from physically issuing and writing cheques. All the while it provides a traceable record of their electronic transactions.

John DiMichele, CEO, TRREB, added: “Using innovative technology is key for the real estate industry. With RBC PayEdge, our members are benefitting from a digital payment solution that seamlessly integrates a critical part of their business. This tool will effortlessly automate business payments. It eliminates manual administration and expedite commission payments.”

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