RBC Clear™
Working Capital Solutions

Build for Today,
but Design for Tomorrow
Modern Architecture for Corporate Banking

Greetings
A new era of Cash Management is here and RBC Clear™ Working Capital Solutions
is leading the way.
We embarked on the journey to reimagine Cash Management in collaboration with our clients and with a blank canvas.
We drew upon RBC’s deep, existing relationships with Fortune 1000 Companies to assemble a Client Advisory Council.
Over the course of 150+ conversations with corporate treasurers, we understood their expectations for an ideal platform,
the pain points they experience with their existing providers, and the potential new capabilities that could make theirworking capital management simple, efficient, and intuitive.
What we heard was invaluable: the de facto Cash Management process was riddled with inefficiencies and plaguedby outdated, analog infrastructure. Issues resulting from this included clunky onboarding processes, a lack of visibility
into working capital, and wasted time engaging in manual processes. Corporations needed a new solution that could
help them meet current and future treasury needs.
In short: we knew that our clients deserved better.
RBC Clear has built an offering designed to put clients in full control of their working capital and to help them transformtheir transactions into actions. We have leveraged modern technology to reimagine client experiences in:▪ 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 customizable self-service – Provides optionality on how clients want to be updated on transactions
through a digital-first solution.
▪ Enriched insights – Compiles and centralizes actionable data to ease day-to-day management, reporting, and other tasks.
RBC Clear’s commitment to innovation and solving the pain points of our clients will enable treasurers to save valuable
time formerly spent on rote tasks and instead spend it on strategic efforts that can move their business forward. RBC
Clear combines the best parts of a start-up along with the safety and security of a mainstay bank. We have completely
reimagined the Cash Management client experience from start to finish and we’re only just beginning.
As a part of this introduction to RBC Clear, we invite you to read the attached excerpt of an April 2024 Celent reportat the end of our content, in which RBC Clear was called out for exemplifying “innovation in cash management withtransformation-enabling technologies.”

Kartik Kaushik
Managing Director, Head of RBC Clear
RBC Capital Markets® / ™ Trademark(s) of Royal Bank of Canada. Used under license. © Copyright 2024. Deposits are not FDIC insured.
LEGAL •⋅ ACCESSIBILITY •⋅ PRIVACY & SECURITY

RBC Clear™
Designed to put treasurers in control of their working capital.
Created in Collaboration

Digitally Native InnovationThe Credibility of RBC

RBC Clear is built for

Unconstrained by outdated

Rated safest bank in North

corporate treasury teams,

technology, RBC Clear isAmerica by Global Financetargeting the real-life pain

focused on delivering next

Magazine, RBC Clear ispoints of legacy systems

generation, simplified

innovation developed with theand workflows.

connectivity to bring you

strength, security, and scale oftruly seamless working

a trusted financial institution.1

capital solutions.

We listened…

We reimagined…

We delivered...

Lengthy & complex onboarding

Seamless onboarding

Onboard within a day, not weeks

Manual processes

Workflow automation

Increase efficiency

No visibility on payment status

Online payment trackers

Focus on value added tasks

Inefficient notifications

Near real-time status updates

Gain insights for decision making

Difficulty navigating portals

Omni-channel servicing

Take control of your working capital

And the industry has taken notice.
See the possibilities that RBC Clear can offer for your Cash Management needs.

Learn More Today

RBCClear.com
1. P
 RESS RELEASE - Safest Bank Awards 2023 - Safest Banks In North
America | Global Finance Magazine (gfmag.com)® / ™ Trademark(s) of Royal Bank of Canada. Used under license.
© Copyright 2024. Deposits are not FDIC insured.
LEGAL •⋅ ACCESSIBILITY •⋅ PRIVACY & SECURITY

END OF RBC CLEAR PREPARED CONTENT
PLEASE ENJOY THE FOLLOWING AUTHORIZED REPRINTOF AN EXCERPT FROM THE CELENT REPORT“BUILD FOR TODAY, BUT DESIGN FOR TOMORROW”® / ™ Trademark(s) of Royal Bank of Canada. Used under license. © Copyright 2024. Deposits are not FDIC insured.
LEGAL •⋅ ACCESSIBILITY •⋅ PRIVACY & SECURITYBUILD FOR TODAY, BUT
DESIGN FOR TOMORROW
Modern Architecture for Corporate Banking
Colin Kerr
April 23, 2024

This is an authorized reprint of an excerpt from a Celent report discussing modern banking architectures and vendors. The fullreport is more than 30 pages long. The report was not sponsored by RBC in any way.
The excerpt and reprint was prepared specifically for RBC, but Celent retained full control of the content. For additional
information please contact info@celent.com.

Built for Today, Designed for Tomorrow

DIgital Corporate Banking Innovation at RBC

DIGITAL CORPORATE BANKING INNOVATION AT RBC

The goals of next-generation banking architectures are ambitious and may seemfar off for banks running older digital banking platforms. Banks looking tomodernize their corporate digital banking platforms and channels need to beaware of the new architectures and solution designs that are available today andwill underpin banks tomorrow.
The “consumerization of corporate banking” has driven
investments in customer experience and digitalchannels to the top of corporate banking priority lists.
Although this goal can take many forms, it shows anespecially close correlation to enhancing digital bankingchannels, the top-ranked product investment priority
globally. RBC exemplifies innovation in cash
management with transformation-enabling
technologies.

34% of corporatebanks see digitalchannels as a top
investment priority.
Source: Celent Dimensions
Survey 2024

Royal Bank of Canada: US Cash Management
Royal Bank of Canada is the largest bank in Canada and the tenth largest investmentbank by fees1 with $1.07 trillion in assets and 100,000 employees across 37
countries. RBC’s US Cash Management division, RBC Clear™, was established withthe remit to stand up a digital-first, cloud-native, cash management platform forlarge corporations.
Celent considers engaging corporate clients in advisory boards to steer productstrategy as a best practice. Before building, RBC drew upon its deep relationships
with Fortune 1000 Companies to assemble a client advisory board. Over the courseof 150+ conversations with corporate treasurers, the bank grew to understandclients’ typical cash management journeys, including their numerous pain points withexisting providers. RBC used these insights and design thinking techniques to learn
not only what these corporate treasurers need now but also what they will need inthe future.
RBC Clear™ is a platform purpose-built for corporate clients' needs. RBC synthesized
the client learnings and developed a bold vision that reimagines cash managementfrom the ground up. Through that lens, the bank evaluated its existing technology,
including payments and core systems, with the main goal of building quickly without
1 Dealogic based on global investment banking fees LTM Q1/24© CELENT

2

Built for Today, Designed for Tomorrow

DIgital Corporate Banking Innovation at RBC

sacrificing the integrity of the design. One major advantage was leveraging RBC’s
extensive investments in areas such as cloud and AI.
The RBC team followed a philosophy of “shamelessly borrow, generously give” byleveraging existing best-in-breed components and contributing to the bank’s IP
wherever possible. The build was characterized by three features:•All components of the platform are cloud-native and micro-services based.
The platform allows RBC to benefit from the cloud's elasticity, availability, andautomation, as well as faster delivery and feedback cycles. Cost efficiency ismade possible via on-demand system architecture with optimized compute,storage, and network usage. This cloud-based architecture is designed to provide
resiliency and high availability of banking services.

•All experiences are designed to be omni-channel.
All customer journeys are based on extensive design thinking workshops
conducted with key clients. The experiences are highly digital and offered in all
channels (self-service, assisted service, and direct). The channels are fully
digitized and self-serve to increase efficiency and eliminate reliance on the backoffice operations team.

•RBC differentiates with a “build and partner” strategy.
RBC selected Infosys Finacle for its next-gen core banking platform and Volante
VolPay for payments processing. Other components were built from the groundup in an open architecture that enables the integration of additional vendor
platforms.

Figure 1 shows a high level illustration of the architectural building blocks employed
to build RBC Clear ™.
Figure 1: RBC Clear High Level Logical Architecture Building Blocks

Source: RBC© CELENT

3

Built for Today, Designed for Tomorrow

DIgital Corporate Banking Innovation at RBC

RBC launched with beta clients in the second half of 2023 and continues to leverage
the agile chassis that they have built. Near-term product priorities include US ACH,
corporate client APIs, virtual accounts, investments, FX, payroll, sweeps, receivables,
checks, and embedded banking. RBC Clear ™ serves as an innovation incubator,
pioneering a new development paradigm and introducing technologies (especially inthe open cloud and AI arena) that will be leveraged across theenterprise. Additionally, components are being evaluated for use in other RBC
banking divisions, contributing to the backbone of the platform.
A startup mentality permeates the business unit, but it is held to the same risk,
compliance, and control standards as the rest of RBC.

© CELENT

4

Built for Today, Designed for Tomorrow

Leveraging Celent’s Expertise

LEVERAGING CELENT’S EXPERTISE

If you found this report valuable, you might consider engaging with Celent forcustom analysis and research. Our collective experience and the knowledge we
gained while working on this report can help you streamline the creation,refinement, or execution of your strategies.

Support for Financial Institutions
Typical projects we support include:
Vendor short listing and selection. We perform discovery specific to you and yourbusiness to better understand your unique needs. We then create and administer acustom RFI to selected vendors to assist you in making rapid and accurate vendor
choices.
Business practice evaluations. We spend time evaluating your business processes
and requirements. Based on our knowledge of the market, we identify potential
process or technology constraints and provide clear insights that will help you
implement industry best practices.
IT and business strategy creation. We collect perspectives from your executive
team, your frontline business and IT staff, and your customers. We then analyze yourcurrent position, institutional capabilities, and technology against your goals.
If necessary, we help you reformulate your technology and business plans to address
short-term and long-term needs.

Support for Vendors
We provide services that help you refine your product and service offerings.
Examples include:
Product and service strategy evaluation. We help you assess your market position interms of functionality, technology, and services. Our strategy workshops will helpyou target the right customers and map your offerings to their needs.
Market messaging and collateral review. Based on our extensive experience withyour potential clients, we assess your marketing and sales materials—including yourwebsite and any collateral.

© CELENT5

Built for Today, Designed for Tomorrow

Related Celent Research

RELATED CELENT RESEARCH

Improving Operational Excellence While Migrating to a Hybrid Cloud, Multi-CloudWorld
December 2023
Corporate Banking IT Spending Forecasts by Technology, 2023-2028
December 2023
Corporate Banking Global IT Priorities and Strategy in 2023
July 2023Detangling Data: The Art and Science of Managing Banking Data
June 2023
Bank of America: Digital Innovation with Corporate Clients
March 2023
Corporate Client Data Renaissance: New Tricks for an Old Dog
February 2023
Unlocking Treasury Insights: Road Map to Intelligent Solutions
January 2023
Corporate Digital Banking Platforms: North America Edition
August 2021
Corporate Digital Banking Platforms: EMEA/APAC/LATAM Edition
August 2021

© CELENT6

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This report is not a substitute for tailored professional advice on how a specific financial institution should execute its strategy. This report isnot investment advice and should not be relied on for such advice or as a substitute for consultation with professional accountants, tax, legal orfinancial advisers. Celent has made every effort to use reliable, up-to-date and comprehensive information and analysis, but all information isprovided without warranty of any kind, express or implied. Information furnished by others, upon which all or portions of this report are based,
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Celent disclaims any responsibility to update the information or conclusions in this report. Celent accepts no liability for any loss arising fromany action taken or refrained from as a result of information contained in this report or any reports or sources of information referred toherein, or for any consequential, special or similar damages even if advised of the possibility of such damages.
There are no third party beneficiaries with respect to this report, and we accept no liability to any third party. The opinions expressed herein
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For more information please contact:
Colin Kerr

ckerr@celent.com

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