The patent covers use of secure tokens by our clients to facilitate payments from mobile devices. Secure Cloud technology enables RBC clients, who want to use their mobile device for transactions, to quickly and securely pay with any card - from Visa and MasterCard to debit, gift and loyalty cards - using merchants existing contactless payment terminals.
With RBC Secure Cloud, sensitive client data remains with the bank, as opposed to it being on the phone. Substitute data is transmitted encrypted and decoded locally on the clients mobile device at the point of sale, instead of the sensitive data itself. While the solution thoroughly protects client financial data by leaving it at its source, clients are also protected by the existing Zero Liability Policy for Interac, Visa and MasterCard. RBC has several other patents pending in the payment solutions space.
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