Alliance Data's Bread® Business Announces Technology Partnership with Royal Bank of Canada (RBC)
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 (NYSE: ADS), a leading provider of data-driven marketing, loyalty and payment solutions, today announced its Bread division is licensing its payments technology platform to RBC (NYSE: RY), 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. 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.
Derek Joyce, President, Bread
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. This is another example of how RBC is working with fintechs to meet the evolving needs of Canadian merchants and customers.
Amit Sadhu, Vice President, Personal Lending at RBC
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. 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.
Val Greer, Executive Vice President and Chief Commercial Officer, Alliance Data
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com. We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
About Bread Financial®
Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.
To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.
