RealTime IT News

Royal Bank Secures Electronic Payments

Royal Bank of Canada established the first Canadian implementation of a SET (Secure Electronic Transaction) end-to-end payment solution over the Internet.

SET is a unique payment protocol designed to allow cardholders, merchants and banks to authenticate each other's identity over open networks like the Internet, while providing the security and privacy of the transaction.

Royal Bank's offering is based on SET-based software from VeriFone. Royal Bank Visa merchants and small businesses conducting business online now have the capability to offer consumers a highly secure payment option for Internet commerce, the firm said.

"Our ability to be first to market with the capability to offer an end-to-end SET-based payment solution in Canada will provide our merchants with a competitive edge and is another major step towards reassuring consumers that the use of credit cards over the Internet will become more secure," said Adrian Horsfield, Senior Manager, Electronic Commerce, Merchant Services and Point of Sale for Royal Bank.

Royal Bank is one of North America's largest financial institutions, 52,680 employees serving 10 million clients through more than 1,500 branches and offices in 36 countries.

VeriFone, a wholly owned subsidiary of Hewlett-Packard Company, has shipped more than six million electronic payment systems used in over 100 countries.