Interac Corp. operates an economical, world-class debit payments system with broad-based acceptance, reliability, security and efficiency. The organization is one of Canada’s leading payments brands and is chosen an average of 16 million times daily to pay and exchange money. For more than 30 years, Interac Corp. through its predecessors, Interac Association and Acxsys Corporation, have facilitated secure financial transactions through the development of innovative and convenient debit and money transfer solutions. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Interac Corp. has a diverse group of shareholders that includes banks, credit unions, caisses populaires, payment processors and merchants.
Interac Corp. is constantly innovating and evolving to ensure that connected consumers can continue to choose Interac products now and well into the future, on multiple platforms and devices. The services offered by Interac Corp. include:
Historically, there have been two providers of different Interac-branded products and services, Interac Association and Acxsys Corporation.
Interac Association was established in 1984 as a cooperative venture among Canada’s major financial institutions to give Canadians broader access to their money through a single shared network. Services offered to Canadians through Interac Association included Interac Cash, Interac Debit and Interac Flash.
Acxsys Corporation was created in 1996 by the eight financial institutions who architected the Interac network to develop new business partnerships and services. The services offered by Acxsys included Interac e-Transfer, Interac Online, mobile payments solutions, and international services.
Since 1996, Interac Association operated under a Consent Order issued by the Competition Tribunal, which meant the organization ran on a not-for-profit basis, setting fees only to recover costs directly associated with running business. In 2013, the Consent Order was amended to allow Interac Association and Acxsys Corporation to change their business structure and become one company. The reorganization of Interac Association and Acxsys Corporation into Interac Corp. was completed in 2018, bringing all Interac-branded products and services together under one company. As a single corporate entity, Interac Corp. is better able to fund innovation, while at the same time reducing certain business, operating and legal complexities.