Most efficient way to clone an AWS RDS database

I have 2 MySQL databases running on a server called X and Y, which both have identical content. A series of updates run throughout the day, which changes the content of X. At the end of the day, a process runs that compares the content of X with the content of Y (for various tables) in order to discover new rows, updated row data etc. Once the updates have been processed, mysqldump is used to dump X and then Y is overwritten with the dump. Both X and Y are now the same again, and the whole process repeats.

I'm investigating the migration of these databases to Amazon RDS. What's the most efficient way to accomplish the process outlined above?

Do I just do what I'm doing now i.e. mysqldump X and restore it to Y, or is there some other method/shortcut that RDS provides?