To get started with the Modern Treasury implementation, you will need a business bank account as well as the setup for direct transmission (Direct transmission is the ability to move money between your owned accounts or between your accounts and external accounts). We have created template emails that ask for programmatic access to a Royal Bank of Canada account which you can forward on to your respective banker. These templates include three of the five possible payment rails (ACH debit, ACH credit, and wires), assuming you'd like to move forward with maximum flexibility and don't require checks. If you would like to set up check printing and lockbox services, please be sure to reach out to your Modern Treasury account manager for assistance.
Please note that ACH debit will require the broadest set of compliance steps from the bank, as it allows you to charge other bank accounts. If you know that you will not be using ACH debit, then we recommend removing it from the emails below.
Once you're in touch with the technical advisor from RBC, we can help you fill out all the paperwork.
Template for RBC:
We would like to ensure that our account ending in -**** is connected to Modern Treasury. We need the following enabled in order to be able to do so:
- Daily MT940 version 3
- EFT using the CPA005 described here: https://www.rbcroyalbank.com/ach/cid-212260.html
- Data Files as described here: "https://www.rbcroyalbank.com/ach/cid-213166.html" If you follow that link, we will need to select option "a" which is "All records (valid, invalid, rejected, returns and reversed)".
- All of the above over FTPS