VersaPay to provide Royal Bank of Canada with innovative invoice-to-cash solution

By Mohammed Mestar

VersaPay has struck a deal to provide the Royal Bank of Canada’s business customers with its VersaPay ARC™ integrated accounts solution, designed to transform a company’s financial operation.

A leading provider of cloud-based invoice-to-cash solutions, VersaPay has offices in Toronto and Montreal as well as New York and works on payment processing systems.

"We are delighted to collaborate with RBC to deliver this new offering. With the bank's breadth and depth of banking and cash management services, and an impressive roster of business customers, RBC is in an ideal position to expand the use of ARC," said Craig O'Neill, CEO of VersaPay. 

"The RBC team has been a pleasure to work with as we integrated our systems and prepared our market launch. We look forward to serving many customers together."

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Businesses gain access to a suite of powerful tools that enable efficient collections, cash application and real-time insight into accounts receivable. VersaPay ARC automatically reconciles payments and account information through integrations with a wide range of ERPs and accounting software providers.

The Fintech has also partnered with Toronto-based customs broker and logistics provider Livingston, though the agreement with RBC is unique among major banks in Canada.

"RBC is always looking for new and innovative ways to help clients use digital platforms to manage and grow their businesses," added Greg Grice, EVP, Business Financial Services at RBC. 

"The invoice-to-cash process is vital to the success of all businesses. Integrating this offering into RBC's leading cash management solutions, our business clients now have another way to improve the customer experience and better manage their receivables and cash flow."

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