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RBC announces Interac e-Transfer Bulk Request Money in Canada

The Royal Bank of Canada (RBC) has announced that it is now offering Interac e-Transfer: Bulk Request Money, which is an online feature that enables businesses to streamline, expedite and automate their accounts receivable process.

The company stated that the manual task of notifying and reminding hundreds or thousands of customers to fulfil outstanding payments via mail, personalised emails and phone calls could be a massively time-consuming and costly ordeal. The new online feature is a digital, subscription-based service that enables businesses to send multiple payment requests at once with automated reminders to streamline the process.

It simplifies the initiation process, makes the payment faster, streamlines the outstanding accounts receivables and generates payment reconciliation reports for business clients daily.

“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, Vice-President, Business Deposits & Treasury Solutions, RBC.

She further added, “This is one of the many ways RBC is offering the latest in digital payments solutions to deliver enhanced banking experiences for our clients.”

Subscribed RBC business banking customers will be able to facilitate the Interac e-Transfer through Bulk Request Money via RBC Express or RBC’s Network Gateway.

“As part of our ongoing commitment to payment innovation, we’re pleased to expand our product capabilities with the Interac e-Transfer: Bulk Request Money feature. 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, Vice-President, Product & Platform Delivery, Interac Corp.

Interac is a Canadian interbank network that links financial institutions and other enterprises to exchange electronic financial transactions.

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