TORONTO, July 18, 2013 - RBC today announced its RBC Secure Cloud mobile payments service (patent-pending). This new technology, a first in Canada, will allow clients to more safely and securely pay for purchases using their mobile devices. Keeping sensitive client data secure with RBC in the cloud, not on the phone, makes RBC Secure Cloud a safer, faster, more flexible solution. RBC will bring RBC Secure Cloud to market by the end of the year with debit and credit on a number of smartphone platforms.
"We have designed a mobile payment solution that offers a better client experience and increased security than has been previously available, while meeting industry standards," said Linda Mantia, executive vice-president, Cards and Payment Solutions, RBC. "The result is a solution that offers benefits and options to everyone in the payment ecosystem."
With RBC Secure Cloud, the financial institution assumes the security burden, since sensitive client data remains with the bank, as opposed to keeping it on the phone, as is the case with other models. The data is transmitted encrypted and decoded locally on the client's mobile device at point of sale through partnerships with mobile service providers. While the solution thoroughly protects client financial data by leaving it at its source, clients are also protected by the existing Zero Liability Policy for Interac, Visa and MasterCard.
"We understand the importance of security to our clients and make safeguarding their personal information our highest priority," said Paul Gerics, vice-president, Information Security at RBC. "RBC Secure Cloud is being built with the highest security standards in mind. We employ a diverse range of technologies and security mechanisms to help ensure the safety, confidentiality and integrity of our client's information and transactions."
Initially focused on Near Field Communication (NFC), the RBC solution is flexible and can support new technologies such as bar or QR codes, or other standards, and allows offline transactions. Other benefits for the client include:
"This is a critical advancement for mobile payments in Canada," said Mark O'Connell, President and CEO, Interac Association and Acxsys Corporation. "We are excited about RBC's announcement and our participation in the evolution of mobile payments."
RBC Mobile Commerce Fast Facts:
RBC and Payments Innovation
RBC is at the forefront of payments innovation to the Canadian marketplace. We provide industry-leading mobile banking flexibility and convenience to clients through RBC Mobile Apps - available for Android, BlackBerry, iPhone, iPod Touch and iPad and Microsoft - backed by our RBC Online Banking Security Guarantee. Further information about RBC mobile solutions is available at www.rbcroyalbank.com/mobile.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada's largest bank as measured by assets and market capitalization, and are among the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, and investor services and wholesale banking on a global basis. We employ approximately 80,000 full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 44 other countries. For more information, please visit rbc.com.
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