Royal Bank of Canada Enters Agreement with Fintech Firm VersaPay

VersaPay Corporation (TSXV: VPY), a provider of cloud-based invoice-to-cash solutions including electronic invoice presentment and payment, automated accounts receivable, cash application and collections management, announced on Thursday it has formed a strategic relationship with Royal Bank of Canada (RBC) (TSX: RY).

According to VersaPay, as part of the agreement, RBC will offer its business customers VersaPay ARC, an integrated accounts receivable solution, under the RBC brand. Greg Grice, EVP, Business Financial Services at RBC, stated:

“RBC is always looking for new and innovative ways to help clients use digital platforms to manage and grow their businesses. 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.”

Craig O’Neill, CEO of VersaPay, added:

“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. 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.”

The fintech company also noted RBC has introduced the service to select clients with the first RBC customer already signed.

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