RBC has announced RBC Secure Cloud - a mobile payments service that keeps sensitive client data secure with RBC in the cloud, not on the phone. RBC says this "makes RBC Secure Cloud a safer, faster, more flexible solution." RBC is calling the service "the first cloud-based mobile payments solution in Canada" - and notes that it's "patent-pending".
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. The data is transmitted encrypted and decoded locally on the client's mobile device at point of sale through partnerships with mobile service providers. RBC says the solution is initially focused on NFC but "is flexible and can support new technologies such as bar or QR codes, or other standards, and allows offline transactions."
"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."RBC says it will bring RBC Secure Cloud to market by the end of the year with debit and credit on a number of smartphone platforms.
"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."
"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."