Royal Bank of Canada Enters Agreement with VersaPay to Offer ARCtm to Business Customers Under RBC Brand

"RBC is always looking for new and innovative ways to help clients use digital platforms to manage and grow their businesses," noted 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." RBC's relationship with VersaPay is unique amongst major banks in Canada — the collaboration between the Canadian Fintech and one of Canada's largest banks has provided commercial businesses with a leading and robust cash management solution. "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," commented 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." As part of the agreement, RBC will offer the solution to its business customers, with support from the VersaPay team. The bank has already introduced the service to select clients with the first RBC customer already signed. By signing up for the new service, RBC clients can offer an enhanced customer experience, reduce manual effort and operational costs, gain greater insight into their customers' accounts, and get paid faster.