RBC Receives Patent on Secure Cloud Payment and Security Technology

RBC, Canada’s biggest financial institution, has received a patent on its Secure Cloud payment and security technology from the United States Patent Office.

The patent covers clients’ use of secure tokens to facilitate payments from mobile devices.

With RBC Secure Cloud, clients who want to use their mobile device for transactions can quickly and safely pay with any card—be it Visa, MasterCard, debit card, gift card or loyalty card—using the existing contactless payment terminals of merchants.

The innovative technology guarantees security as sensitive information remains with the bank. It works by transmitting substitute data, encrypting and decoding it locally on the mobile device of the client at the point of sale.

Clients also get another protection from the existing Zero Liability Policy for Interac, Visa and MasterCard.

Secure Cloud is just one of RBC’s many other patents pending in the payment solutions space aimed at improving security in the industry.

Linda Mantia , executive vice-president, Digital, Payments & Cards, RBC, commented, “The patent on our Secure Cloud technology underscores our commitment to enhance the client experience by investing in technology and innovation. 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.”