A simple, convenient and secure method for Business & Corporate Banking clients to make multiple payments & collect receivables quickly and securely via RBC Digital Banking.
How can RBC BusinessPay Improve Your Business?
From making payments to vendors and suppliers to regularly paying your employees, our solution will increase control over your cash flow and reduce your costs.
- Save time by integrating payments electronically
- Stop processing labour-intensive cheques and save money
- Immediately know when payments are made for better reconciliation
- Enable Approval Workflows for enhanced internal controls
- Submit payments leveraging best-in-class security
Here is what’s included in RBC BusinessPay for Business and Corporate Banking clients:
Overview
| Easy direct data entry for individual payments |  |
| A sample .CSV file for multiple payments to get you started (if necessary) | |
| File format error checking & field validations | |
| Full audit trail for submitted payments | |
| A total running count & dollar value of payments | |
| Ability to save files locally on your device (Web only) | |
| A PDF file viewer for those approving on-the-go using our app ‘RBC Caribbean’ | |
Frequently Asked Questions
In our effort to continuingly transform and enhance our service offerings, RBC Digital Banking is pleased to launch one more convenient option to make doing business via RBC, easier and more convenient. RBC BusinessPay enables business and corporate clients to more readily benefit from KYD and USD Electronic Fund Transfer (EFT) services via Digital Banking such as:
- RBC Automated Direct Credit, for electronic processing of transactions including payroll, dividends, pensions, salaries and other credits.
- RBC Automated Direct Debit, for collection of recurring receivables, premiums, and other similar transactions.
Some of the key benefits of using RBC BusinessPay function will include:
- Convenience – Electronic Funds Transfer initiation, transactions can be done from your desktop.
- Speed - Same day processing (conditions apply) directly into payees’ accounts.
- Faster reconciliation with shorter time between payment issuance & reconciliation.
- Reduced risks & costs - elimination of cheque and cash handling.
Electronic Funds Transfer (EFT) refers to transactions that take place over an electronic payment network, either among accounts at the same bank or among accounts at participating banks. EFTs may include direct-debit transactions, direct credits and other store and online banking initiated transactions.
Yes, current process will be retained. All Business and Corporate clients must enroll for RBC ACH Services and sign the ACH EFT agreement. Clients will be required to enroll for the RBC BusinessPay functionality in Digital Banking.
Clients will now have a preferred option to use automated or self-serve capability to send bulk ACH instructions via Digital Banking rather than sending secure email instructions. This will provide a more efficient, user-friendly and secure option for business and corporate clients to capture and upload bulk ACH payments or collections instructions via Digital Banking.
Business and Corporate clients can utilize RBC BusinessPay to send KYD and USD payments to RBC and the following other participant banks in the Cayman ACH (CIACH):
- Butterfield Bank (Cayman) Limited
- Cayman National Bank Ltd.
- CIBC FirstCaribbean
- International Bank (Cayman) Limited
- Fidelity Bank (Cayman) Limited
- Scotiabank & Trust (Cayman) Ltd
- RBC Royal Bank (Cayman) Limited
Once Business and Corporate clients have enrolled for Automated Direct Credit and/or Automated Direct Debit services, and have signed all the necessary agreements, access will be granted for RBC BusinessPay function.
Business and Corporate clients will be able to access to “RBC BusinessPay” functionality upon formal request to be sent to their Relationship Manager (RM) or via their Branch. The RM or Branch would need to:
- Complete the updated Electronic Banking Application eForm with the amendment.
Business and Corporate clients can make KYD or USD payments to and/or collect funds from savings and chequing account holders at RBC and other banks. Some common examples include making salary and vendor payments and/or collecting funds from their clients (preauthorization required for debits).
A Business or Corporate user can follow a simple 3 step process – Upload/Direct Data entry, Edit and Submit.
- Users can upload a file (.CSV format only) or perform Direct Data Entry.
Note: Special characters are not allowed in the Beneficiary Name field. These include
: - % " \ * $ ( ) _ + # @ ! ^ ~ { } < > & , ' . - Once the .CSV file is uploaded, payment details are auto-populated and ready for any inline editing.
- User can edit the auto-populated payment details if needed.
- At any point, the user can Save a Copy to their computer for editing. After editing, the user may opt to re-upload at a later time.
- Once all in-line editing is completed, user can submit the payments.
Note: The Submit button will remain disabled until all items in the respective fields are validated.
After file submission, the user can review the payments. At this point, if the user reviews and sees any discrepancies, they can opt to cancel the submitted file. - For Files awaiting approval, the Approver can click to review the RBC BusinessPay transactions and then proceed to bulk approve or bulk reject.
Note: Only after the file is approved, RBC would receive it for processing. - The status of file submission or approval can be viewed under Approvals & Processing and History & Upcoming respectively.
Note: Uploading of .CSV files and performing Direct Data Entry can be executed on RBC Digital Banking (https://caribbean.rbcroyalbank.com) on online/web only. In-line editing will also be executed in online/web only. Approvals & Processing, as well as History & Upcoming functions can be accessed via Web, iOS and Android devices specifically to this function (RBC BusinessPay).
Note: Clients with iOS devices MUST ensure that they are always using the latest version of the RBC Caribbean app from the App Store in order to access Approvals & Processing feature for RBC BusinessPay.
Clients can click on the ‘Save a Copy’ button and a .CSV (Comma Delimited) format file is downloaded on their machine/system. Clients can modify the data on the downloaded .CSV format file and ensure to save the file in the same .CSV format after modification. Clients MUST ensure .CSV formatting is retained when the file is saved paying particular attention to the Beneficiary Account number column which needs to be formatted to ‘Text’ formatting to ensure leading 0’s are retained (where applicable to certain accounts). All new .CSV files saved must be saved as a separate file with one (1) worksheet included, with a different file name. Use the Saved file for future uploads in RBC BusinessPay.
Each file must not exceed 5000 items.
However, no single item within a file can exceed USD 1,000,000 or KYD 833,333.00 as per industry (CIACH) rules. Should a client wish to make a large value transaction, options include making smaller transactions, online wires, or utilizing other payment options such as drafts or cheques.
Note: Amount field should not include any special characters like (@ # $ % ^ & , etc.) and must be to two decimal points (e.g. entry should be 3445.89)
Files can be submitted up to 30 calendar days in advance of the requested processing date. On the desired processing date, the file must be approved no later than 11:00 AM EST. If a file is approved after 11:00 AM EST, then it will be processed on the following business day.
Note: For a file to be successfully processed, funds must be available on your account on the approval date.
Business and Corporate clients can use the “Save a Copy” function to save their .CSV file to their computer to use at any later period. They can upload this .CSV file, perform any in-line editing (if required) and Submit. (Please refer to FAQ #9 for guidance on how to Save a Copy).
Should a file be approved before the desired processing date, it will be processed on that business day, or the following business day, in keeping with the conditions set out in #11 above.
i.e. Please note the effective date will be determined when the last designated approver approves the file. The final approval date is the Effective Date of the file and will be processed on that business day adhering to cut-off times.
At this time, we are not able to prevent a file from being processed if it is not approved on the correct business date. Clients are reminded to take special care when approving files so as to ensure that files are only processed on the desired business date.
Should a file not be approved within 30 calendar days following its submission, it will automatically be cancelled by our system.
Making bulk payments is restricted to receiving savings or chequing accounts at RBC and other participating banks in the CIACH. Cross currency transactions are not allowed e.g. to send a KYD file, it must be originated from a KYD account and the same applies to USD. Separate files are required for ACH Credits and ACH Debits (i.e. it cannot be a mix of both).
For same day processing, files must be submitted and approved by 11:00a.m EST on business days.
Yes, please refer to the Schedule of Fees and Charges for the most up to date fees and charges.
Where daily limits are not applicable or are in excess of USD 500,000 or KYD equivalent, clients can opt to:
- Do multiple transactions < US 500,000 or KYD 416,666.66; or
- Send a local Wire transfer (payments)/ receive an incoming wire for collections
- Other options includes cheques and drafts
RBC BusinessPay transactions will appear in the “Processing Tab” of the Approvals & Processing section of Digital Banking, while they are being processed by RBC. Once an Approver accesses the RBC BusinessPay file and approves or rejects payments, this file with the approved or rejected items will show in “RBC BusinessPay” section of History & Upcoming in Digital Banking. The file with the respective payments will be View Only in the History & Upcoming section, after it is approved or rejected.
In Digital Banking, if the Approver of a company has performed a review and rejects a file with all the payments, the client can seek to recreate those payments again and submit. Rejected files from an Approver, will not be sent for processing. Rejected files can be viewed in the History & Upcoming function in Digital Banking.
Yes there are special guidelines:
- Please call and verify details directly with the beneficiary (e.g. bank account number, account name, account type etc.) prior to sending any local bank transfer.
- Use Numeric only- maximum 17 digits. No spaces/dashes or any special characters should be included in account numbers e.g. 12345678900.
- See below participant bank account number length guide.
| Bank Name & Beneficiary Account Number Maximum Length | Transit number required in Beneficiary Account Number field? Yes or No |
|---|---|
| Scotiabank 17 digits or less Branches & Transits: Scotiabank & Trust (Cayman) Limited - 10785 Scotia Wealth Management – 88815 |
Yes – 5 digit transit
e.g. 10785 1234567890 (Transit # + Account #) |
| Fidelity 8 digits |
No
e.g. 12345678 (Account#) |
| Cayman National 8 digits |
No
e.g. 12345678 (Account#) |
| CIBC FirstCaribbean 12 digits |
No
e.g. 123456789012 (Account#) |
| Butterfield Bank 13 digits or less Note: Accounts beginning with 136 or 840 do not require leading zeros; accounts beginning with 1 or 2 require leading zeros |
No
e.g. 1234567890123 (Account#) |
| RBC Royal Bank 12 digits (5 digit Transit number and 7 digit Account number) Branches & Transits: RBC Main Branch – 06975 RBC Red Bay – 07925 RBC Private Banking – 96677 |
RBC - Yes, 5-digit transit must be included in complete account number eg. 069751234567 (Transit # + Account #) |
Currently returned items for Cayman ACH is automated. Business and Corporate clients are advised to review their account(s) to identify those returned items within 1-2 business days after submission of the original file.
Once the output is in the approved file format and in a CSV file, then this file can be uploaded using the RBC BusinessPay functionality.
Yes. This .CSV file can be uploaded to RBC BusinessPay (please refer to FAQ 9 for guidance for .CSV formatting).
Frequently Asked Questions
In our effort to continuingly transform and enhance our service offerings, RBC Digital Banking is pleased to launch one more convenient option to make doing business via RBC easier and more convenient. RBC BusinessPay enables business and corporate clients to more readily benefit from BSD Electronic Fund Transfers (EFT) services to RBC or any other local commercial Bank via RBC Digital Banking such as:
- RBC Automated Direct Credit, for electronic processing of transactions including payroll, dividends, pensions, salaries and other credits.
- RBC Automated Direct Debit, for collection of recurring receivables, premiums, and other similar transactions.
Some of the key benefits of using RBC BusinessPay will include:
- No additional charges for use of the service.
- Convenience – Electronic Funds Transfer initiation transactions can be done from your desktop.
- Speed – Same day processing (conditions apply) directly into payees’ accounts.
- Faster reconciliation with shorter time between payment issuance & reconciliation.
- Reduced risks & costs – elimination of cheque and cash handling.
Electronic Funds Transfer (EFT) refers to transactions that take place over an electronic payment network, either among accounts at the same bank or among accounts at participating banks. EFTs may include direct-debit transactions, direct credits and other store and online banking initiated transactions.
Yes, current process will be retained. All Business and Corporate clients must enroll for RBC ACH Services and sign the ACH EFT agreement. Clients will be required to enroll for the RBC BusinessPay functionality in RBC Digital Banking.
Clients will now have a preferred option to use automated or self-serve capability to send bulk ACH instructions via RBC Digital Banking rather than sending secure email instructions or using previous legacy tools.
This will provide a more efficient, user-friendly and secure option for business and corporate clients to capture and upload bulk ACH payments or collections instructions via RBC Digital Banking.
Business and Corporate clients can utilize RBC BusinessPay to send BSD payments to RBC Royal Bank (Bahamas) Limited and the following other participant banks in the Bahamas Automated Clearing House (B.A.C.H.):
- Bank of Bahamas Limited
- Scotiabank (Bahamas) Limited
- Citibank N.A.
- Commonwealth Bank Limited
- Fidelity Bank (Bahamas) Limited
- FirstCaribbean International Bank (Bahamas) Limited
Once Business and Corporate clients have enrolled for Automated Direct Credit and/or Automated Direct Debit services and have signed all the necessary agreements, access will be granted for RBC BusinessPay function.
Business and Corporate clients will be able to access RBC BusinessPay functionality upon formal request to be sent to their Relationship Manager (RM) or via their Branch. The RM or Branch would need to:
- Complete the updated Electronic Banking Application eForm with the amendment to turn on this service available in RBC Digital Banking.
Business and Corporate clients can make BSD payments and/or collect funds from savings and chequing account holders at RBC and other banks. Some common examples include making salary and vendor payments and/or collecting funds from their clients (preauthorization required for debits).
A Business or Corporate user can follow a simple 3 step process – Upload/Direct Data entry, Edit and Submit.
- Users can upload a file (.CSV format only) or perform Direct Data Entry (a sample file can be provided).
- Once the .CSV file is uploaded, payment details are auto-populated and ready for any inline editing.
- Users can edit the auto-populated payment details (if needed).
- At any point, the user can Save a Copy to their computer for editing. After editing, the user may opt to re-upload at a later time.
- Once all inline editing is completed, user can submit the payments.
- For files awaiting approval, the Approver can click to review the RBC BusinessPay transactions and then proceed to bulk approve or bulk reject.
The Submit button will remain disabled until all items in the respective fields are validated. After file submission, the user can review the individual payments detail that were included in the submission. At this point, if the user reviews and sees any discrepancies they can opt to cancel the submitted file.
Only after the file is approved by the last approver, RBC would receive it for processing. The status of file submission or approval can be viewed under Approvals & Processing and History & Upcoming respectively.
Uploading of .CSV files and performing Direct Data Entry can be executed on RBC Digital Banking (https://caribbean.rbcroyalbank.com) on online/web only. In-line editing will also be executed in online/web only. However, Approvals & Processing, as well as History & Upcoming functions can be accessed via Web, iOS and Android devices specifically to this function (RBC BusinessPay) to view the status of a file.
Note: Clients with iOS devices MUST ensure that they are always using the latest version of the RBC Caribbean app from the App Store in order to access Approvals & Processing feature for RBC BusinessPay.
Clients can click on the ‘Save a Copy’ button and a .CSV format file is downloaded on their machine/system.
Clients can modify the data on the downloaded .CSV format file and ensure to save the file in the same .CSV (Comma delimited) format after modification.
Clients MUST ensure .CSV formatting is retained when the file is saved, especially with the Beneficiary Account number column.
Please note Beneficiary Account number cells need to be formatted to number formatting without decimals.
Note: All new .CSV files saved must be saved as a separate file with one (1) worksheet included, with a different file name. Use the Saved file for future uploads in RBC BusinessPay
Each file must not exceed 5000 items.
However, no single item within a file can exceed BSD 149,999.99 as per industry (B.A.C.H) rules. Should a client wish to make a large value transaction, options include making multiple smaller transactions, online wires or utilizing other payment options such as drafts or cheques.
The sending of RBC BusinessPay transactions is restricted to receiving savings or chequing accounts at RBC & other six participating banks in the B.A.C.H in BSD dollars only.
Note:
The Beneficiary Name fields should not include any special characters like
: - % " \ * $ ( ) _ + # @ ! ^ ~ { } < > & '
Also, the Amount field should not include any special characters and must be to two decimal points (e.g. entry should be 3445.89).
For same day processing, files must be submitted and approved by 12:00 noon EST on business days.
Yes, please refer to the Schedule of Fees and Service charges for the most up to date fees and charges when transferring funds to other local banks. There are no additional fees or service charges to use RBC BusinessPay.
Where daily limits are not applicable or are in excess of BSD 149,999.99, clients can opt to:
- Do multiple transactions less than BSD 149,999.99;
- Send a Wire Transfer in Digital Banking (Wire transfer fees will apply); or
- Contact the bank to request a Local Wire transfer for large value transfers (local wire fees will apply), which is a Real Time Gross Settlement (RTGS) transaction and not an ACH transaction.
RBC BusinessPay transactions will appear in the “Processing Tab” of the Approvals & Processing section of RBC Digital Banking, while they are being processed by RBC.
Once an Approver accesses the RBC BusinessPay file and approves or rejects payments, this file with the approved or rejected items will show in “RBC BusinessPay” section of History & Upcoming in RBC Digital Banking. The file with the respective payments will be View Only in the History & Upcoming section, after it is approved or rejected.
In RBC Digital Banking, if the Approver of a company has performed a review and rejects a file with all the payments, the client can seek to recreate those payments again and submit.
Rejected files from an Approver will not be sent for processing.
Rejected files can be viewed in the History & Upcoming function in RBC Digital Banking.
Files can be submitted up to 30 calendar days in advance of the requested processing date. On the desired processing date, the file must be approved no later than 12:00 noon EST. If a file is approved after 12:00 noon EST, then it will be processed on the following business day.
Note: For a file to be successfully processed, funds must be available on your account on the approval date.
Business and Corporate clients can use the “Save a Copy” function to save their .CSV file to their computer to use at any later period. They can upload this .CSV file, perform any in-line editing (if required) and Submit. (Please refer to FAQ #10 for guidance on how to Save a Copy).
Should a file be approved before the desired processing date, it will be processed on that business day, or the following business day, in keeping with the conditions set out in #18 above.
i.e. Please note the effective date will be determined when the last designated approver approves the file. The final approval date is the Effective Date of the file and will be processed on that business day adhering to cut-off times.
At this time, we are not able to prevent a file from being processed if it is not approved on the correct business date. Clients are reminded to take special care when approving files so as to ensure that files are only processed on the desired business date.
Should a file not be approved within 30 calendar days following its submission, it will automatically be cancelled by our system.
Yes there are special guidelines:
- Clients must ensure that the complete savings or chequing account number (only) for the receiver is provided for successful transactions.
- ACH does not facilitate credit card transactions.
- Ensure that you follow the guidelines in the Branch Transit Numbers when inserting the Beneficiary Account number details.
- Pay special attention to FCIB (ex-Barclays) Transit Codes as those are no longer applicable. These can be found in the Branch Transit Numbers document.
Currently returned items for Bahamas ACH is automated. Business and Corporate clients are advised to review their account(s) to identify those returned items within 1-2 business days after submission of the original file.
Once the output is in the approved file format and in a CSV file, then this file can be uploaded using the RBC BusinessPay functionality.
Yes. This .CSV file can be uploaded to RBC BusinessPay. (Please refer to FAQ 10 for guidance on .CSV formatting).