Plaid and RBC Announce an Agreement to Strengthen Client Security and Increase Connectivity to Financial Services Apps

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,”  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. It is crucial that we provide this added value to our clients in a secure and safe 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 extra layer of protection is necessary, since privacy is of paramount importance right now due to the increase in fraud attempts during the pandemic. According to RBC’s 2022 Fraud Prevention Month Poll48% of respondents said fraudsters have targeted them more since the outbreak of the pandemic. This is compared to 22% who responded in 2021.

“Millions of Canadian consumers will benefit from the ability to manage their everyday finances seamlessly, securely, and with confidence,”  Ginger BakerPlaid, Head of Financial Access “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 CanadaLocated in the rapidly 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. Plaid’s tools allow users to access a variety of 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,” Tilton was also added. “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.

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