RBC Will Work Towards Strengthening Mobile Payments Security With Its New Patent

The US Patent Office has granted the Royal Bank of Canada a patent on its innovative Secure Cloud payment and security technology. The patent covers the usage of secure tokens by the company’s clients to facilitate payments from smartphones.

Secure Cloud technology allows RBC’s clients who want to pay with their mobile devices to complete transactions with any card. It enables the user to pay at a retailer’s contactless POS terminal with any card of his choice.

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 & Cards, RBC) in the press release. 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.

Mantia also added, 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.

With RBC Secure Cloud, the bank keeps the sensitive data related to the client with it, as opposed to it being on the mobile device. Substitute data is transmitted, encrypted and decoded locally on the client's mobile device at the POS terminal, instead of the sensitive data itself. Apart from the new one, RBC has several other patents pending in the payment solutions space.

With the emergence of mobile payments technology, the battle between banks and technology companies is increasing as consumers are showing a keen interest in using their mobile devices as wallets. According to technology research firm Gartner, Inc., usage should rise at an annual pace of 30% over the next few years as the value of transactions exceeds $720 billion (US) by 2017 globally.

About RBC and Payments Innovation:

RBC is at the forefront of payments innovation in the Canadian marketplace. The bank provides industry-leading mobile banking flexibility and convenience to clients through its RBC Mobile app and RBC Canada app backed by its RBC Online Banking Security Guarantee. Further information about RBC mobile solutions is available at