Royal Bank of Canada’s (RBC) 14 million digital banking users soon will have access to the Plaid and Envestnet | Yodlee networks of apps and services via an application programming interface (API).

The $1.32 trillion bank announced the data access agreements, which cater to a growing share of digital customers, in a statement this week.

“RBC will use industry grade and recognized standards to maximize re-usability for an API-based data-sharing solution, leveraging leading security and business controls,” Shekher Puri, vice president of digital components and platforms at RBC, told Bank Automation News. “We will be using these APIs in collaboration with each aggregator.”

Plaid allows users to connect their bank account information with its network of third-party apps, whereas Yodlee’s data network leverages data from more than 17,000 global data sources and fuels solutions for fintech, banking and wealth management.

“We see it as a way to help Canadians manage their financial data securely and with more control in an increasingly digital world,” Puri said. Though clients may want a banking relationship with RBC, they also want to access and use apps and financial services outside of the bank, he said.

The new agreements deliver RBC clients’ financial data to third parties “in a safer and secure manner” compared with providing credentials, Puri said.

More data control

Peter Tilton, chief digital officer, personal and commercial banking at RBC, noted that the new partnerships will give RBC clients control over sharing their data.

“Consumers will only need to share what’s essential to gain the benefits from the particular app they’re using,” Tilton said. 

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