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National Westminster Bank's smart-card venture, Mondex, has contracted with Canada's largest two banks to implement the technology. Royal Bank of Canada and Canadian Imperial Bank of Commerce will issue computer-chip embedded cards, which substitute for cash, and will create the infrastructure for them. The cards will be tested in conjunction with Bell Canada in early 1996, with a nationwide introduction planned for 1997., Mondex has landed in North America. The smart card venture owned by National Westminster Bank of London announced Friday that the two biggest banks in Canada have agreed to join [...]

Royal Bank of Canada will use a new software platform developed by terminal manufacturer International Verifact Inc. to update software for its point of sale terminals. Toronto-based International Verifact said [...]

The Royal Bank of Canada has signed a $44 million contract with IBM to change the bank's check processing system to an image-based process, using IBM's ImagePlus High Performance Transaction System. The system will first be applied to proof-of-deposit, which accounts for 40% of the $2 billion a year banks spend on check processing. IBM has a dominant share of the market for imaging systems used for check processing., Royal Bank of Canada has announced plans to convert its entire check processing operations to an image-based platform from International Business Machines Corp. The $129 billion-asset bank, based in Montreal, [...]