RBC launches data sharing portal for app developers in step towards open banking

RBC logo (Photo:RBC/Facebook)

TORONTO — Royal Bank is taking the first steps in sharing data with the launch of an application programming interface developer portal.

The bank says it will allow eligible external software developers and clients to access some RBC baking data and capabilities to build, and test banking-related applications.

RBC is offering five interface portals based around credit card rates and fees, the minimum down payment for home buying, branch locations, mortgage amortization schedules and information about safety deposit boxes at specific branches.

Sumit Oberai, RBC senior vice-president of digital technology, says the portals will create opportunities to increase connectivity, create new tools and experiences for clients and enable open and innovative collaboration.

The bank also says it will be launching additional portals in the future.

The move is part of a wider trend towards “open banking,” where third-parties like financial technology startups get access to bank data to develop apps.