Greg Grice, Executive VP, Business Financial Services, RBC

Royal Bank of Canada (RBC) has announced the acquisition of Ontario-based payments fintech WayPay. The acquisition is expected to bring across new additions to RBC’s capabilities for bringing all payment types into one platform, thereby providing clients with a more comprehensive view of their accounts.

“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,” says Greg Grice, Executive Vice-President of Business Financial Services at RBC. “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.”

Established in 2014, WayPay streamlines the accounts payable process for businesses by connecting to any AP system and automatically reconciling payments sent to local or international suppliers from any combination of bank and credit card accounts. It

“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,” says Robert Bast, Co-Founder at WayPay. “We are thrilled to join the RBC team where we see incredible synergies which will create even more value and ensure many more business owners benefit from the power of automated reconciliation and digital payments.”

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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