How RBC’s Partnership with Wave Helps Small Business Owners

It’s now a bit easier for small business owners to ride the wave towards financial independence.

Royal Bank of Canada (RBC) has announced a collaboration with Wave to integrate invoicing, accounting and business financial insights into RBC’s online banking platform. This new partnership will benefit small businesses as they can now handle all of their financial needs in one place with one quick sign-in.

Wave currently offers award-winning services and solutions to over three million businesses registered around the world. This includes free invoicing, accounting, payment processing receipt scanning, reporting and more.

RBC customers will now be able to access Wave’s management suite through their small business’ online banking site. The interface is easy-to-use and provides deeper insights into financials by offering everything an owner may need in one spot with quick access. Wave also brings a few state-of-the-art features to help small businesses keep up, like invoicing in almost any currency and automated billing.

“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,” says Jason Storsley, VP of small business at RBC.

“Small businesses generally don’t have dedicated accounting and billing staff; it’s typically the owner of the business who is managing the finances, and completing these tasks takes up valuable time. 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.”

This partnership is launched to coincide with small business month with hopes to show small businesses just how seamless managing financials can be.

“Entrepreneurs and small business owners have a range of financial activities and tasks they need to accomplish. On a daily basis, they’re sending invoices, processing payments and doing their bookkeeping,” says Kirk Simpson, CEO and co-founder of Wave.

“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.”

Back in July, J.D. Power ranked RBC as the highest in customer satisfaction among mobile banking apps. The bank also added two new customer-facing features in late August, NOMI Insights and NOMI Find & Save.