Banks join with fintech to increase added value by e-billing for customers

Banks are increasingly looking for new ways to increase (or: mainatin) their added value or their customers. Recently, RBC and and the Canadian FinTech Wave announced their collaboration to integrate (e-)invoicing, accounting and financial management services to better support the needs of small businesses.

The plan is to integrate Wave’s offering into the RBC’s online business banking portal. By embedding Wave’s complete small business tools into RBC’s online business banking platform, small business owners now have one single destination to manage their financial life. RBC and wave claim that this is the first integration of its kind in North America

And we also came across the anouncement that Citizens Bank has selected payments technology company Transactis to expand its Treasury Solutions offering with e-billing and e-payment solutions. This new capability will enable Citizens’ commercial clients to distribute bills to their customers electronically and accept payments online.

Michael Cummins, head of Treasury Solutions at Citizens Bank:
“Citizens is committed to providing our clients with leading treasury management solutions. This technology will allow us to offer our customers advanced, high-quality billing and payment services to help them run their businesses more efficiently.”

Whereas a decade ago banks were the top predator and could decide on their own how the financial arena should look like and what services the wanted to incorporate. Nowadays this role has changed and banks are forced to focus on the their core services while opening up, providing API’s and interconnecting with value added service providers like Wave, Transactis and many others alike.

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