RBC PayEdge is an innovative accounts payable platform that automates payments to suppliers by integrating with your accounting system. It allows you to access all of your funds from any Canadian bank account, Mastercard or Visa credit card to pay multiple suppliers and invoices in the same payment order and transforms a manually intensive payables process into a fully digital experience.

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 PayEdgeutilizes 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 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.

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.

Personal Information:

• Contact and personal details for Directors, Officers and Owners and those who will be using the RBC PayEdge platform
• Personal Identification will be confirmed via a Canadian or US driver’s license or passport
• For RBC Clients only: Login credentials for RBC Online Banking platform

Business Information:

• Identification (Legal and Trade Name), Structure, Contact Information and Physical Address of the business
• Ownership details
• Confirm individuals with signing authority
• Bank account information (to add a funding source)

Permissions are assigned to each User Profile when they are added to the platform, and they can be modified at any time. There are four standard User Roles available on the RBC PayEdge platform, or you can create a Custom Role with specific permissions to suit your business’ needs. Beyond the User permissions, Approval Rules allow you to specify which Users have the ability to approve payment orders and to set limits on the amount that they are allowed to approve. Approval rules are fully customizable to ensure you can mirror the established controls and signing authorities that already exist for your business.

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.

No, you don’t need to have your bank accounts with RBC to use RBC PayEdge; businesses can use RBC PayEdge whether or not they are an RBC banking client.

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.

When creating a payment order in a foreign currency, the current exchange rate offered through RBC PayEdge will appear as an option that you can choose to accept. RBC PayEdge offers competitive rates to enable payments to international suppliers.

Only information necessary to process the accounts payables is transmitted to RBC PayEdge; no personal information is shared. When you sync your accounting software with RBC PayEdge, the following data exchange happens:

1. To RBC PayEdge:

Outstanding payables/bills from your accounting software is transmitted to your RBC PayEdge account and can be found under Payments > Outstanding Payables. The information includes supplier name, currency, amount, remittance note, bill number, due date, accounting software name and invoice, if any. Suppliers who have outstanding payables/bills are transmitted to your RBC PayEdge account and can be found under Suppliers > Manage Suppliers under the Attention Needed tab. The information includes supplier name, address and email, if any.

2. To Accounting Software:

Paid bills from your RBC PayEdge account are transmitted back to your accounting software and the payment is closed as Paid in the accounting software. The information includes Payment Order number, supplier name, currency, amount, remittance note, bill number, payment status, payment date, fees and funding source information.

There is no limit on the number of users that you can add to your RBC PayEdge profile.