The Royal Bank of Canada (RBC) has announced the acquisition of Ontario-based fintech firm WayPay.
The cloud-based payments company automates and optimizes the payment process. Despite the acquisition, in RBC’s July 9 press release it emphasized that WayPay would remain financial institution agnostic, allowing the use of products from other banks.
“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,” said 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.”
RBC said the acquisition would allow it to consolidate payment types on one platform, and allow clients a paper-free and comprehensive view of their accounts.
“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.”