Royal Bank of Canada (RBC) and San Francisco-based Plaid have announced a new data access agreement, giving RBC’s clients the option to share their financial data securely via a direct API with the apps and services on the Plaid data network.
RBC said the new API connection through its partnership with Plaid will “eliminate” the reliance on credentials when sharing financial information in Canada, at a time when clients are concerned about privacy and security.
Peter Tilton, chief digital officer, personal and commercial banking at RBC, said: “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.
“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.”
The agreement means that more than 14 million RBC clients will be able to securely connect to Plaid’s more than 6,000 apps and services.
“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.
Ginger Baker, head of financial access at Plaid, said its agreement with RBC serves “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,” Baker said.
Plaid’s network covers in excess of 12,000 financial institutions across the US, Canada, UK and Europe.
At the start of June, Dutch fintech Mollie announced a partnership with Plaid to improve the onboarding process for customers.