Royal Bank of Canada has teamed up with Wave to integrate invoicing, accounting and financial insights into its online business banking platform.
RBC says that the offering - a first of its kind in North America - will enable its small business clients to manage their financial needs in a single place, with a single sign on.
Tapping Wave’s financial management suite, the service provides a simple interface to give owners insights into their business by combining their banking and accounting information under one view.
In addition, business owners can tap into Wave’s entire suite of services, like invoicing in virtually any currency, automated billing, and the ability to digitally manage receipts and track expenses.
The integration comes just months after RBC joined a $24 million funding round for Toronto-based Wave.
Jason Storsley, VP, small business, RBC, says: "Small businesses generally don’t have dedicated accounting and billing staff; it’s typically the owner of the business who is managing the finances, and completing these tasks takes up valuable time.
"Working with Wave, we’ve created a unique platform where the business owner’s financial life is contained under one roof, making it easier for them to manage their business. This means a small business owner can spend more time being the CEO of their business and less time being the CFO."