Royal Bank of Canada (RBC) has collaborated with Wave to integrate invoicing, accounting and business financial insights into the bank’s online business banking platform.

In what the RBC describes as a first of its kind offering for a bank in North America, the new service will enable RBC’s small business clients to manage their full business financial services’ needs - from banking and bookkeeping to invoicing – in a single place with a single sign-on.

Accessible through a small business owner’s online banking site, Wave’s financial management suite looks to help small business owners manage their finances.

The interface will give owners insights into their business by combining their banking and accounting information under one view. In addition, business owners can leverage Wave’s suite of services, like invoicing in virtually any currency, automated billing, and the ability to digitally manage receipts and track expenses.

Jason Storsley, vice president of small business at RBC, said: “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.

“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.”

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