For the first time, RBC’s more than 14 million customers will have the ability to securely connect to Plaid’s more than 6,000 applications and services.
TORONTO, June 14, 2022 /CNW/ – At a time when Canadians’ appetite for digital services continues to grow, RBC and Plaid are pleased to announce a new data access agreement that will give RBC customers the option to share their financial data securely through a direct application programming interface. (API) with the thousands of applications and services of your choice on the Plaid data network. This new API connection offers a seamless user experience and removes the dependency on credential sharing, resulting in higher security and better privacy protection for customers.
“This data access agreement is a great example of how the industry is coming together to create new standards that create more secure and comprehensive financial solutions for Canadians,” he said. Peter Tilton, Chief Digital Officer, Personal & Commercial Banking, RBC. “While our customers want to have a primary banking relationship with RBC, they also want the ability to access, use and share their financial data with applications outside of the bank. As we bring this added value to the customer, it is more important than ever that let’s do it in a safe way. This agreement with Plaid does just that.”
In fact, RBC’s partnership with Plaid, an API pioneer, will significantly eliminate reliance on credentials when sharing financial information across Canada. This added layer of protection is timely as privacy is a high priority right now with fraud attempts on the rise during the pandemic. According to RBC Fraud Prevention Month 2022 Survey48% of respondents say they have been increasingly targeted by scammers since the start of the pandemic, up from 22% in 2021.
“Millions of Canadian consumers will benefit from the ability to manage their daily finances seamlessly, securely and with confidence,” he said. ginger baker, Head of Financial Access at Plaid. “We are excited that Plaid’s deal with RBC can serve as a blueprint for future similar deals in Canada. Plaid is committed to expanding the positive impact of digital financial services for consumers, which is why we are also delighted to announce the first Plaid office in Canadalocated in the growing fintech community of Torontoto further these efforts.
checkered data connectivity solutions helping customers easily and securely connect to the company’s network of more than 6,000 fintech apps, including nine of the top 10 most downloaded fintech apps on Android and the App Store. With these Plaid-powered tools, consumers can access various financial wellness apps.
“RBC customers not only gain secure access to the rich set of applications and services on Plaid’s data network, they will also have more control over the data that is shared,” added Tilton. “With this secure and reliable integration, consumers will only have to share the essentials to reap the benefits of the particular app they are using.”
This new industry partnership is a demonstration of both companies’ long-standing commitment to adding value, enhancing security and creating peace of mind for customers as they manage their finances digitally.
RBC clients also benefit from a wide range of RBC digital security tools such as PIN on mobile, identity verification, Two-Step Verification, card locktwo-way fraud alerts and fraud tracking, in addition to the RBC digital banking security guarantee.
royal bank of Canada is a global financial institution with a purpose-driven, principle-based approach to delivering leading performance. Our success comes from more than 89,000 employees who harness their imaginations and insights to bring our vision, values and strategy to life so we can help our customers prosper and communities prosper. What Canada largest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and delivering exceptional experiences to our 17 million customers across Canada, the United States and 27 other countries. Learn more at rbc.com.
We are proud to support a wide range of community initiatives through donations, community investments and employee volunteer activities. See how in rbc.com/community-social-impact.
Plaid is a data network that powers the tools millions of people trust to live a healthier financial life. Plaid works with thousands of companies like Venmo, SoFi, and Betterment, several of the Fortune 500, and many of the largest banks to make it easy for people to connect their financial accounts to the 6,000+ apps and services they want to use. Plaid’s network covers more than 12,000 financial institutions in the US, CanadaUK and Europe. Based in San Franciscothe company was founded in 2013 by Zach Perret Y william hockey.
SOURCE RBC Royal Bank
For more information: Rob Merk, Corporate Communications, Digital, RBC, [email protected]; Kelly Reilly, Communications, Plaid, [email protected]