The Royal Bank of Canada (RBC), the nation’s largest bank by assets and market capitalisation, is to launch an NFC payments service that will store client data in the cloud instead of the phone.
The RBC Secure Cloud, which is currently patent pending, ‘assumes the security burden’ by holding onto the clients debit or credit card information. When a transaction is carried out at a point of sale terminal, the data is then sent encrypted and decoded to the clients mobile.
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RBC says the solution offers an open wallet architecture, seamless card lifecycle management and can support other technologies including bar or QR codes.
Linda Mantia, executive vice president of Cards and Payment Solutions at RBC, said: "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."
Vice-president of Information Security at RBC Paul Gerics added: "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."
The RBC Secure Cloud is scheduled to arrive on the market by the end of 2013.
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