Royal Bank of Canada (RBC) has acquired WayPay, a local startup that provides businesses with cloud-based accounts payable automation technology. Financial terms were not disclosed.
Burlington, Ontario-based WayPay connects to accounting platforms, helping companies reduce their payables pain points by improving the reconciliation and approvals process for time and cost savings.
RBC says the acquisition gives it valuable new capabilities to help customers transitioning away from paper cheques to digital payments.
Greg Grice, EVP, business financial services, RBC, says: "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."
WayPay will continue to be agnostic, meaning firms can use it even if they are not RBC clients.