To streamline and automate the accounts receivable (AR) process, RBC says it is the first bank in Canada to offer the Interac e-Transfer: Bulk Request Money feature to its business banking clients.

Interac e-Transfer: Bulk Request Money is a digital, subscription-based service that enables businesses to send multiple payment requests at once. It includes automated reminders to streamline the process and save time. Some of the features of the solution include:

• A simplified initiation process: Payment reminders can be facilitated with the payors’ email address or phone number. No need for customer bank account details or void cheques.
• Get paid faster: All payors will automatically receive email or SMS reminder notifications to fulfil payment requests. If they choose to pay via Interac e-Transfer, they can quickly and securely transfer funds using their online banking channel and recipients can have certainty that the payment will not be held back by non-sufficient funds.
• Streamlined and efficient reconciliation: Tracking outstanding accounts receivables is streamlined and payment reconciliation reports are produced for business clients on a daily basis.

“This capability introduces a new level of efficiency and control in managing a business’ receivables and cash flow,” said Lisa Lansdowne-Higgins, vice-president, Business Deposits & Treasury Solutions at RBC. “We’ve digitised 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.”

Subscribed RBC business banking customers can facilitate the Interac e-Transfer: Bulk Request Money via RBC Express or RBC’s Network Gateway. Businesses can also customise reminder notifications to payors by adding the company’s logo and message, and control the number and frequency of automatic reminder notifications issued on outstanding payment requests.