RBC has announced that it has been awarded a patent on its Secure Cloud payment and security technology by the United States Patent and Trademark Office.
Secure Cloud technology allows RBC clients using mobile devices for transactions to securely pay with any card — such as a Visa, debit or gift cards — by connecting to the merchants’ existing contactless payment terminal.
“The patent on our Secure Cloud technology underscores our commitment to enhance the client experience by investing in technology and innovation,” said Linda Mantia, executive vice-president of digital, payments and cards at RBC. “With Secure Cloud, we knew that we needed to create a solution flexible to future technologies, while also providing our clients with the security they expect from RBC. As a result, we deliberately pursued an open architecture solution that would work across platforms and keep sensitive client data with the bank.”
Using RBC Secure Cloud, all the customer data remains with the bank rather than being stored on the mobile device. Substitute data is transmitted, encrypted and decoded locally on the client’s mobile device at the point of sale, instead of the sensitive data itself.
“For us, innovation is about connecting what is possible to what is valuable to our clients. This patent, in conjunction with others now pending, will enable RBC to continue to provide that innovative client-centric experience across payment platforms, from mobile phones to wearables.”
This isn’t the first time RBC has taken leadership in supporting an innovative Canadian tech ecosystem. In the past, RBC has partnered with Venture for Canada to support young entrepreneurs, and topped a Thomson Reuters list of advisers on merger and acquisition deals in Canada.
