Admin: A User Role that allows a User the same capabilities as an Approver
with additional access to delete bank accounts, manage approvals, and edit the business
profile.
Approver: A User Role that allows a User the same capabilities as a Data
Entry Clerk with additional access to approve Payment Orders, manage suppliers and bank and
accounts.
Approval Rule: Custom rule created by an Admin or Super Admin that
specifies which Users have permission to approve Payment Orders, and up to what amounts. All
Payment Orders will be routed for approval based on the Approval Rules in place and cannot
be processed until the required approvals are received.
Custom Roles: A User Role that has been created by an Admin or Super Admin,
providing Users with access to specific functions within the RBC
PayEdge profile which are
different than the pre-defined Roles.
Data Entry Clerk: A User Role that allows the User to view payables, create
and import Payment Orders, create and import suppliers and create reports.
Funding Source: The account(s) from which the funds for the Payment Order
will be withdrawn. The Funding Source can be an account at any Canadian Bank or Credit Union
as well as a Visa or MasterCard.
Payment Method: The method in which the Supplier will receive their
payment. RBC PayEdge offers multiple Payment Methods including
Electronic Funds Transfer,
Bill Payment, e-Transfer for Business, Wire Payment, International ACH or Cheque.
Payment Order: The list of payments that will be sent for processing in a
single batch. A Payment Order can include payments to multiple Suppliers, in multiple
currencies and Payment Methods.
Payment Order Status: Once a Payment Order has been started, it will be
classified into one of the below statuses:
Draft: Payment Orders that were started and saved but not completed.
Pending Approval: Payment Orders that were submitted and are
pending approval from at least one individual.
Scheduled: Approved Payment Orders that are awaiting processing on
a future date.
In Progress: Approved Payment Orders that are in progress, but
funds not yet delivered to the recipient.
Complete: Approved Payment Orders that have been delivered to the
recipient.
Recurring: Approved Payment Orders that have been set up on a
recurring schedule.
Declined: Payment Orders that were submitted but rejected by at
least one required approver.
Cancelled: Payment Orders that were canceled and not completed.
Payment Reports: A report that can be generated on the RBC PayEdge platform
to review past Payment Orders. The report includes information such as amount, supplier
details, funding accounts including FX and fees for a specific Payment Order.
Processing Date: The date you would like the payment sequence to begin,
starting with the withdrawal of funds from your selected Funding Source. All required
approvals must be received prior to the Processing Date to ensure the payment sequence
commences on time.
RBC PayEdge Profile: The RBC PayEdge account that has been set up for your
business. Each legal entity will require their own RBC PayEdge
Profile.
Remittance Details: Text or information that can be sent to your Suppliers
along with payment. Remittance Details are input at the time of Payment Order creation and
are transmit to the Supplier via email.
Super Admin: A User Role that allows a User the same capabilities as an
Approver with additional ability to manage access to the platform including adding or
removing Users and assigning User Roles.
Supplier: An active profile for a vendor or payee who you can send a
payment to.
Sync: The process of initiating the data exchange between your connected
accounting software to RBC PayEdge, allowing you to import
invoice and payment data.
User: An account linked to an email address that allows access to a
specific RBC PayEdge profile(s). The same User can be added to
multiple RBC PayEdge
profiles.
User Groups: A collection of Users who are granted the same access within
the RBC PayEdge profile. User Groups can be based on the
predefined User Roles or a Custom
Role.
User Roles: The permissions which have been granted to a User by the Super
Admin. RBC PayEdge has four predefined User Roles (Data Entry
Clerk, Approver, Admin, Super
Admin) or you can create Custom Roles.
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