RBC PayEdge can be used by any Canadian business of any size, even if they are not an RBC banking client. There are a few categories of businesses that are prohibited from using the RBC PayEdge service.

You can fund your payments from any Canadian Bank or Credit Union as well as a Visa or Mastercard. Each RBC PayEdge profile will also automatically get access to a CAD and USD Virtual Wallet account which can be funded to make payments.

Suppliers can be added in a few ways. If you have an accounting software connected, the supplier details can be imported directly into RBC PayEdge. If you do not have an accounting software connected, you can do a mass upload using a CSV file template or manually add their details. Each supplier profile will need at least one payment method to receive payment; if you do not have the banking details for your suppliers, you can request this information using a secure email sent directly from the RBC PayEdge platform.

The accounts payable process is a set of actions taken by your company to pay a vendor for a good or service. From a simple invoice payment to a complex payable workflow, the AP process can look different for companies of various sizes and industries. Here’s a quick look at the AP process for a small business compared to a large corporation.

Yes. All payments are made directly from the funding source of your choice to supplier’s bank accounts. This is made possible because RBC PayEdge is connected to existing banking infrastructure and is thereby held to the highest financial security standards. RBC PayEdge exceeds all Payment Card Industry (PCI) standards and is subject to annual compliance audits. RBC PayEdge utilizes enhanced encryption going above industry-standard procedures for payments to eliminate exposure of sensitive data.

The RBC PayEdge platform uses 256-bit Extended Validation (EV) Transport Layer Security (TLS) encryption technology to secure information as it travels across our network. This technology ensures that no third party can access information as it is entered into our site. Our technology platform is designed to protect your data in transit and keep it safe and secure when it is here.

You can pay suppliers by wire transfer, Interac e-Transfer for business, Electronic Funds Transfer (EFT), USD cross-border Automated Clearing House (ACH), EUR International Payment, bill payment, virtual credit card payment* and cheque. Suppliers don't need to be RBC clients to receive payments.

*Virtual credit card payment is only available for RBC Commercial Credit cards at this time.

RBC PayEdge currently supports direct API connectivity with three cloud-based accounting platforms:

• QuickBooks Online (QBO)
• Xero
• Sage Accounting

If you do not currently use one of the supported accounting platform, you can still use RBC PayEdge. Payments can be uploaded into the platform via CSV file template or manually input.

Accounts payable automation is a type of payment solution used to digitize, modernize and streamline your company’s payable process. RBC PayEdge is an innovative AP automation platform designed to integrate with your existing accounting software (QuickBooks, Xero or Sage) to automate your AP process from beginning to end.

AP automation through RBC PayEdge allows you to speed up the payable process, reduce errors, avoid paper, stay flexible in your funding, simplify the approvals workflow, automatically reconcile payments and so much more. All in all, AP automation frees up significant chunks of time, so you and your AP team can focus on other parts of the business. To learn more, check out What is Accounts Payable (AP) Automation and How Can It Improve My Payable Process?