For the first time, more than 14 million RBC clients will have the ability to securely connect to Plaid's 6,000+ apps and services
TORONTO, June 14, 2022 /PRNewswire/ - During a time when Canadians' appetite for digital services continues to increase, RBC and Plaid are pleased to announce a new data access agreement that will empower RBC clients with the option to share their financial data securely via a direct application programming interface (API) with the thousands of apps and services of their choice on the Plaid data network. This new API connection delivers a seamless user experience and eliminates the reliance on credential sharing, resulting in increased security and better protection of clients' privacy.
"This data access agreement is a great example of the industry coming together to build new standards that create safer and more comprehensive financial solutions for Canadians," said Peter Tilton, Chief Digital Officer, Personal & Commercial Banking, RBC. "While our clients want their primary banking relationship with RBC, they also want to be empowered with the ability to access, use and share their financial data with applications outside of the bank. As we deliver this added client value, it is more important than ever that we do so in a safe and secure manner. This agreement with Plaid does just that."
In fact, RBC's partnership with Plaid, an API-first company, will significantly eliminate the reliance on credentials when sharing financial information in Canada. This additional layer of protection is timely, as privacy is a high priority right now with the rise of fraud attempts during the pandemic. According to RBC's 2022 Fraud Prevention Month Poll, 48% of respondents say fraudsters have increasingly targeted them since the start of the pandemic, compared to 22% in 2021.
"Millions of Canadian consumers will benefit from the ability to manage their everyday finances seamlessly, securely, and with confidence," said Ginger Baker, Head of Financial Access at Plaid. "We are excited that Plaid's agreement with RBC can serve as a template for future similar agreements in Canada. Plaid is committed to expanding the positive impact of digital financial services to consumers, so we are also thrilled to announce Plaid's first office in Canada, located in the growing fintech community of Toronto, to further these efforts."
Plaid's data connectivity solutions help customers easily and securely connect to the company's network of more than 6,000 fintech applications, including nine of the top 10 most downloaded fintech apps from Android and the App Store. With these tools powered by Plaid, consumers can access various financial wellness applications.
"Not only do RBC clients gain secure access to the broad suite of apps and services on the Plaid data network, but they will also have more control over the data that is shared," added Tilton. "With this secure and reliable integration, consumers will only need to share what's essential to gain the benefits from the particular app they're using."
This new industry partnership is a demonstration of both companies' long-standing commitment to add value, enhance security and create peace of mind for clients as they manage their finances digitally.
RBC clients also benefit from a wide range of RBC's digital security tools like PIN on Mobile, ID Verification, 2-Step Verification, Card Lock, two-way fraud alerts and fraud monitoring, in addition to the RBC Digital Banking Security Guarantee.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 89,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest 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 providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
About Plaid
Plaid is a data network that powers the tools millions of people rely on 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 more than 6,000 apps and services they want to use. Plaid's network covers more than 12,000 financial institutions across the US, Canada, UK and Europe. Headquartered in San Francisco, the company was founded in 2013 by Zach Perret and William Hockey.
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SOURCE RBC Royal Bank
