Protects client security and speeds transaction times
TORONTO, July 18, 2013 /CNW/ - 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
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:
simpler and faster provisioning of account information
seamless card lifecycle management including card replacement for lost,
stolen and expired cards as well as setting preferences
an "open wallet" architecture (meaning the ability to support non-RBC
payment methods and inter-bank access to payment information in future)
"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 currently has the largest digital channel engagement with several
million online users and mobile downloads.
RBC has received the Forrester Award for Best in Class Services in
Online for six consecutive years and Mobile Banking in its inaugural
Specifically in mobile, RBC clients will transact over 350 million times
this year alone.
In March 2013, RBC participated in the country's first mobile debit
transaction with Interac.
In May 2013, RBC announced the launch of its mobile solution on Bell
later this year.
About 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.
RBC supports a broad range of community initiatives through donations,
sponsorships and employee volunteer activities. In 2012, we contributed
more than $95 million to causes worldwide, including donations and
community investments of more than $64 million and $31 million in
For further information:
Suzanne Willers, RBC, 416 974-2727, firstname.lastname@example.org
Kate Yurincich, RBC, 416 974-1031, email@example.com