RBC Clear™ enabled RBC Foundation USA to gain more autonomy, transparency, and peace of mind. RBC Foundation USA is committed to improving the quality of life in the communities where RBC does business via support of non-profit organizations that create equal opportunities and better outcomes for the individuals who live there. They have 90+ grantees that receive grant disbursements and rely heavily on their Cash Management platform to ensure that payments are successfully sent.
RBC Foundation USA’s previous Cash Management provider relied on legacy technology, resulting in a confusing, frustrating user experience, including an onboarding process where next steps weren't clear.
When RBC Foundation USA decided to switch to RBC Clear™, RBC’s reimagined Cash Management solution, they were hopeful that they had found a better solution for their needs.
The team appreciated having a dedicated account manager that guided them through the end-to-end process. Rather than wasting time trying to understand next steps or navigate a portal interface that wasn't user-intuitive, they had a designated contact who was readily available to answer any questions and demystify the Cash Management onboarding experience.
“My onboarding experience was an absolute pleasure. Does anyone ever say that when onboarding to a new system?”
Rebecca Gnessin, Director, Head of U.S. Foundation and Corporate Citizenship, Sustainability & Impact, RBC Capital Markets
Having the transparency to switch from reactive to proactive
With RBC Foundation USA responsible for timely payment to so many grantees, transparency into whether disbursements are completed as expected is essential. With their previous platform, the team found that it was challenging to have clear visibility into payments or download reports.
There was no clear way to receive the information they needed, when they needed it, and the payment information was not granular enough. More in-depth information, such as the payment amount, date of payment, and payment recipient were needed. This information was not easily accessible without a phone call to the bank.
Furthermore, if a payment didn't go through to a non-profit partner, the Foundation had to reach out to their finance team for help tracking down what had gone wrong, as their previous Cash Management provider did not notify them that something had gone awry.
The above issues resulted in the Foundation operating reactively rather than proactively. However, the Foundation's team noticed an immediate difference once they switched to RBC Clear.
After onboarding to RBC Clear, up-to-date, detailed snapshot views of payments are now available directly through the RBC Clear portal, a full six hours before these were visible through the grant management system. Instead of having to ask their grantees questions or reaching out to the finance team, RBC Foundation USA is able to be more independent, acting with autonomy while also having real-time access to payment information.
Additionally, once a payment is returned, RBC Foundation USA is immediately notified about the transaction via email with the reason included. This alert enables the team to promptly reissue the payment, allowing them to better support their grantees.
“RBC Clear's reporting functionality makes my life easy. I can see information six hours before it enters my grant management system, giving me peace of mind that our funds are in the right place.”
Rebecca Gnessin
Gaining peace of mind and time back for strategic tasks
RBC Foundation USA has a lean operating model. With the time saved from onerous tasks like trying to track down payments, they're now able to instead focus on strategic work that can help move their business forward.
“The fact that the disbursement and reconciliation process is so easy and quick now helps me free up time to focus on strategic tasks that we should be concentrating on, versus time-consuming tasks like chasing down what happened to money that was returned.”
Rebecca Gnessin