RBC announces RBC Secure Cloud: The first cloud-based mobile payments solution
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 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
"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
-- simpler and faster provisioning of account information
-- seamless card lifecycle management including card replacement
for lost, stolen and expired cards as well as setting
-- 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
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
-- 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
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 sponsorships.
Suzanne Willers, RBC, 416 974-2727,firstname.lastname@example.org Kate Yurincich,
RBC, 416 974-1031,email@example.com
To view this news release in HTML formatting, please use the following URL:
NI: FIN NP
-0- Jul/18/2013 09:00 GMT
Press spacebar to pause and continue. Press esc to stop.