Canada’s largest bank now leveraging Bread’s digital payments technology to provide Canadian merchants with PayPlan powered by RBC™, a pay-over-time solution offered to customers at point-of-sale
Alliance Data Systems Corporation, a leading provider of data-driven marketing, loyalty and payment solutions, today announced its Bread division is licensing its payments technology platform to RBC, a premier global financial services provider. Bread is a leading payments technology company that enables seamless checkout experiences for merchants and partners, and was recently acquired by Alliance Data.
RBC is leveraging Bread’s white-label digital payments platform to expand its payment solution offerings for Canadian merchants. Launched in fall 2020, PayPlan powered by RBC is an innovative way for Canadian customers to pay for big-ticket items over time.
“Canada is Bread’s first international expansion, and is another example of how Bread continues to build merchant-focused point-of-sale payment solutions that give shoppers more convenience and choice,” said Derek Joyce, president, Bread. “Our agreement with RBC accelerates Bread’s platform growth and enables us to continue bringing next-generation payment and checkout solutions to more consumers globally.”
PayPlan by RBC is an end-to-end solution tailored for merchants. Using Bread’s robust application programming interface (API) and customizable payment infrastructure, merchants benefit from a fast and easy integration that creates a frictionless user experience designed to grow sales and reduce shopping cart abandonment.
“Bread’s platform expands our payment capabilities, and enables us to deliver an innovative e-commerce solution that helps merchants unlock more revenue at the point-of-sale,” said Amit Sadhu, vice president, personal lending at RBC. “This is another example of how RBC is working with fintechs to meet the evolving needs of Canadian merchants and customers.”
“This announcement is evidence of the power of Bread’s modern payments technology to drive value to bank partners like RBC and its merchants through convenience and choice for today’s digitally savvy consumers,” said Val Greer, chief commercial officer, Alliance Data Card Services. “With Alliance Data’s recent acquisition of Bread, we are excited about this opportunity for Bread to bring to bear its innovative technology, unique digital capabilities and exceptional talent to offer a white-label solution that augments RBC’s existing merchant payment suite.”
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