In its commitment to becoming the preferred provider to Fortune 1000 companies, RBC created RBC Clear™, a completely reimagined working capital solution that is powered by a next-gen, digital-first platform.
RBC Clear’s accomplishments in this area have been recognised by The Digital Banker.
RBC’s extensive efforts in introducing RBC Clear, an innovative digital cash management solution, have been recognised by The Digital Banker. For its purpose-built, digital-first solution, RBC Clear has won the Outstanding Digital CX – Cash Management Platform award, as well as the award for the Best Wholesale/Transaction Bank for Digital CX in the United States, at the Digital CX Awards 2024.
Understanding Client Needs
RBC Clear embarked on the journey to reimagine cash management in collaboration with clients and with a blank canvas. To start, RBC Clear created a Client Advisory Council to draw upon RBC’s deep, existing relationships with Fortune 1000 companies. Over the course of 150+ conversations, it became obvious that the de facto cash management process was riddled with inefficiencies and overly dependent on legacy technologies and manual work, including:
- Manual and complex onboarding that can take 45+ days to open an account.
- A need for vigilance by clients, with frequent calls to the bank to find out why payments haven’t been completed.
- Lengthy and expensive integrations, which can be a significant time and resource strain for clients.
RBC Clear also grew to understand the expectations of a next-gen solution and the potential new capabilities that would make clients’ working capital management simple, transparent, actionable, and real-time. The team synthesised these learnings and developed a bold vision that reimagines cash management.
Building with a Next-Gen Mindset and Technology
With the vision in place, RBC Clear purpose-built its solution to deliver on the vision. All components of the platform are cloud-native and micro-services based, and the team has built over 148 APIs to-date. The RBC team followed a philosophy of “shamelessly borrow, generously give” by leveraging best-in-breed, in-house components and contributing to the bank’s IP wherever possible. Additionally, RBC Clear collaborated with cutting-edge technology and consulting providers to help deploy its solution.
To make this all work, RBC Clear operated with a fusion of the mindset of a start-up along with the safety and security of a trusted financial institution. Like a start-up, the RBC Clear team thinks big, is unconstrained by expectations, and is heavily invested in building a healthy team culture. At the same time, it adheres to the same risk, compliance, and control standards as the rest of the bank.
Delivering Unprecedented Experiences
RBC Clear went live in October 2023 with its first beta clients. The initial MVP includes:
- Seamless onboarding – Simplifies a traditionally tedious process through the use of existing client information and an onboarding tracker.
- Enhanced transparency in payments – Offers near real-time status on payments.
- Proactive and customisable self-service – Provides optionality on how clients want to be updated on transactions through a digital-first solution.
- Enriched insights – Compiles and centralises actionable data to ease day-to-day management, reporting, and other tasks.
RBC Clear will be rolling out new capabilities throughout 2024 and beyond.
