PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

RBC's Reported NFC Plans Involve the Cloud

Mercator Advisory Group by Mercator Advisory Group
July 19, 2013
in Analysts Coverage
0
PayPal and Cryptocurrencies: Why?

PayPal and Cryptocurrencies: Why?

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Royal Bank of Canada (RBC) reportedly plans to offer a Near Field Communication (NFC) service to its customers that stores sensitive card and other data in the cloud instead of on the handset device. As such, RBC would assume the data-security risk instead of the customer.

From Finextra:

The data is transmitted encrypted and decoded locally on the client’s mobile device at the point-of-sale through partnerships with mobile service providers.

The bank also says that the system will offer simple and fast provisioning of account information, seamless card lifecycle management, and an ‘open wallet’ architecture, meaning that in the future it will have the ability to support non-RBC payment methods.

Linda Mantia, EVP, cards and payments solutions, RBC, says: “We have designed a mobile payment solution that offers a better client experience and increased security than has been previously available, while meeting industry standards.”

Just over a month ago, Bell ID announced a similar initiative, Secure Element in the Cloud, which enables card issuers to store security keys and certificates as well as NFC credentials remotely and securely. Unlike RBC, which says it plans to work with mobile network providers, BellID’s position is that its service does away with the need to partner with mobile networks or other third parties. RBC appears to view such companies as valued distribution vehicles, and in a country that essentially has only a few major banks, they could be handy partners. With so many financial institutions in the U.S., such partnerships from a viability standpoint are much more limited. What remains to be seen is whether RBC and BellID wind up in a patent-infringement suit.

Click here to read more from Finextra.

Tags: Mobile Payments
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023
    credit card experiences, digital payments, b2b payments

    Will Consumer-to-Business Payment Trends Drive B2B Global Growth in 2023?

    January 23, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the U.S. Bank report - Real-time payments