RBC Announces Mutual Data Access Agreement with Plaid

Royal Bank of Canada (RBC) and US-based financial services company Plaid have announced a mutual data access agreement, allowing RBC's clients to share their financial data securely via a direct API with apps and services available on Plaid's platform.

The new API connection will eliminate the reliance on credentials when sharing financial information across Canada, reducing clients' concerns about data privacy and security.

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As clients still rely on RBC as their primary bank, they also want to have the ability to access, share, or use their financial data with apps outside the bank's system, while still being 100% protected and out of risk. Through the agreement, over 14 million RBC customers across the country will be able to connect to Plaid's more than 6,000 apps and services, boosting digital payments and access to quality banking services.

At the same time, Plaid has announced its first office in Canada, located in the country's latest fintech hub, Toronto.

(Source: The Paypers)