Canada: Royal Bank of Canada and Wave collaborate to provide SME banking tools

RBC and Canadian FinTech company Wave have announced a collaboration to help improve RBCs online business banking platform. These changes include invoicing, accounting and financial management services for small businesses. The move is the latest in a line of partnerships between banks and FinTechs with the aim of enhancing innovation across Canada.

Specifically, the platform will enable small businesses to use Wave’s automated billing service to digitally manage receipts, track account balances and access invoicing (through any currency) through their online banking site. In addition, the ability to view banking and accounting information on one platform is another key improvement, helping the budgeting and decision-making process of such merchants.

Jason Storsley, Vice-President of Small Business at RBC explains the motive behind the partnership, stating, “We’re always exploring how we can use emerging technologies to simplify the complex issues our small business clients face and help them achieve their goals. 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.”  

According to RFi Groups SME Digital Banking Council data, less than 1 in 4 of SME’s state ’inconvenience’ as to why they do not check their online account balance or online transaction history. Alleviating these prior inconveniences with an innovative and relevant platform will be crucial to engaging reluctant and non-digital SME’s.

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