RBC announced that it now offers an Interac e-Transfer Bulk Request Money feature to its business banking clients.
The digital subscription-based service enables businesses to send multiple payment requests at once with automated reminders to save time.
RBC says that this new feature delivers a simplified initiation process since payment reminders can be facilitated with the user’s email address or phone number.
Further, it allows people to get paid faster since users automatically receive email or SMS reminder notifications to fulfil payment requests. The feature also makes it easier to track outstanding accounts receivables because the process 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. We’ve digitized the manual reconciliation process and eliminated the need for expensive, paper-based cheques,” said Lisa Lansdowne-Higgins, the vice-president of business deposits and treasury solutions at RBC, in a press release.
Last year, RBC and Microsoft launched the ‘Go Digital’ program, which is designed to help businesses that are facing challenges with their digital transformation.