RBC has announced the acquisition of WayPay, a cloud-based payments fintech from Burlington, Ontario that offers business clients a best-in-class solution for accounts payable automation and payment optimization. By seamlessly connecting to leading accounting platforms, WayPay specializes in helping companies reduce their payables pain points by improving the reconciliation and approvals process, creating significant time and cost savings.

“This acquisition enables us to expand our portfolio of digitally-enabled capabilities and advice for our business clients and further strengthens RBC’s position as a digital leader in the market,” says Greg Grice, Executive Vice-President of Business Financial Services at RBC. “By integrating WayPay’s innovative payment solution, we’re able to provide clients with a secure, simple and automated payables and payments solution as part of RBC’s comprehensive suite of business offerings to help them manage and grow their business with greater ease and efficiency.”

Many businesses are already planning the transition from paper cheques as manual reconciliation is a time-sensitive process prone to errors. The acquisition of WayPay will add new capabilities for RBC to bring all payment types together onto one platform, providing clients with a more comprehensive view of their accounts while facilitating the shift from manual, paper-based processes to digital payments.

“WayPay was built to allow businesses to automate their payables process regardless of their accounting software and how many, what type, or where in the world they wish to send a payment. We are helping businesses spend less time approving and reconciling their payables and providing greater visibility so they can focus on building and growing their business,” says Robert Bast, Co-Founder at WayPay. “We are thrilled to join the RBC team where we see incredible synergies which will create even more value and ensure many more business owners benefit from the power of automated reconciliation and digital payments.”

WayPay will continue to be an agnostic solution which means users can benefit even if they wish to use products from other financial institutions on the platform.