RBC announces cloud-based mobile payments service

RBC today announced its RBC Secure Cloud mobile payments service. This new technology will allow clients to more safely and securely pay for purchases using their mobile devices.

Read: Will smartphones replace wallets?

Keeping sensitive client data secure with RBC in the cloud, not on the phone, makes RBC Secure Cloud a safer, faster and 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.

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.

Read: Why Canadians don’t need wallets

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)

Read: Mobile payment gains momentum in Canada

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.