Glossary

Defining Key Terms

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• Admin: A User Role that allows a User the same capabilities as an Approver with additional access to delete bank accounts, manage approvals, and edit the business profile.
• Approver: A User Role that allows a User the same capabilities as a Data Entry Clerk with additional access to approve Payment Orders, manage suppliers and bank and accounts.
• Approval Rule: Custom rule created by an Admin or Super Admin that specifies which Users have permission to approve Payment Orders, and up to what amounts. All Payment Orders will be routed for approval based on the Approval Rules in place and cannot be processed until the required approvals are received.
• Custom Roles: A User Role that has been created by an Admin or Super Admin, providing Users with access to specific functions within the RBC PayEdge profile which are different than the pre-defined Roles.
• Data Entry Clerk: A User Role that allows the User to view payables, create and import Payment Orders, create and import suppliers and create reports.
• Funding Source: The account(s) from which the funds for the Payment Order will be withdrawn. The Funding Source can be an account at any Canadian Bank or Credit Union as well as a Visa or MasterCard.
• Payment Method: The method in which the Supplier will receive their payment. RBC PayEdge offers multiple Payment Methods including Electronic Funds Transfer, Bill Payment, e-Transfer for Business, Wire Payment, International ACH or Cheque.
• Payment Order: The list of payments that will be sent for processing in a single batch. A Payment Order can include payments to multiple Suppliers, in multiple currencies and Payment Methods.
• Payment Order Status: Once a Payment Order has been started, it will be classified into one of the below statuses:
  • Draft: Payment Orders that were started and saved but not completed.
  • Pending Approval: Payment Orders that were submitted and are pending approval from at least one individual.
  • Scheduled: Approved Payment Orders that are awaiting processing on a future date.
  • In Progress: Approved Payment Orders that are in progress, but funds not yet delivered to the recipient.
  • Complete: Approved Payment Orders that have been delivered to the recipient.
  • Recurring: Approved Payment Orders that have been set up on a recurring schedule.
  • Declined: Payment Orders that were submitted but rejected by at least one required approver.
  • Cancelled: Payment Orders that were canceled and not completed.
• Payment Reports: A report that can be generated on the RBC PayEdge platform to review past Payment Orders. The report includes information such as amount, supplier details, funding accounts including FX and fees for a specific Payment Order.
• Processing Date: The date you would like the payment sequence to begin, starting with the withdrawal of funds from your selected Funding Source. All required approvals must be received prior to the Processing Date to ensure the payment sequence commences on time.
• RBC PayEdge Profile: The RBC PayEdge account that has been set up for your business. Each legal entity will require their own RBC PayEdge Profile.
• Remittance Details: Text or information that can be sent to your Suppliers along with payment. Remittance Details are input at the time of Payment Order creation and are transmit to the Supplier via email.
• Super Admin: A User Role that allows a User the same capabilities as an Approver with additional ability to manage access to the platform including adding or removing Users and assigning User Roles.
• Supplier: An active profile for a vendor or payee who you can send a payment to.
• Sync: The process of initiating the data exchange between your connected accounting software to RBC PayEdge, allowing you to import invoice and payment data.
• User: An account linked to an email address that allows access to a specific RBC PayEdge profile(s). The same User can be added to multiple RBC PayEdge profiles.
• User Groups: A collection of Users who are granted the same access within the RBC PayEdge profile. User Groups can be based on the predefined User Roles or a Custom Role.
• User Roles: The permissions which have been granted to a User by the Super Admin. RBC PayEdge has four predefined User Roles (Data Entry Clerk, Approver, Admin, Super Admin) or you can create Custom Roles.