Royal Bank of Canada (TSX and NYSE: RY) on Thursday said it partnered with Cohere, a technology company focused on artificial intelligence for the enterprise, to co-develop and securely deploy an enterprise generative AI (genAI) solution for financial services called North for Banking.

The company said North for Banking will integrate with RBC's and Cohere's proprietary foundation models, as well as RBC's internal platforms with the goal to speed-up development of genAI solutions at RBC securely and efficiently.

"RBC is on a path to redefine what a bank is capable of, and AI will play an important role in our future success," said Dr. Foteini Agrafioti, senior vice president, RBC Borealis and chief science officer, RBC. "With its globally recognized enterprise AI expertise, Cohere is an ideal partner for us as we build upon almost a decade of AI investment and a strong commitment to responsible AI principles, to continue to innovate and harness the potential of genAI with our clients' safety and security at the forefront."

Shares of the company closed up $0.73, or 0.4%, to $175.01 on Wednesday on the Toronto Stock Exchange.