The Interac Token Service Provider (TSP) is a proprietary token generation and management platform that enables financial institutions, merchants and our partners to innovate, build, and manage secure digital payment experiences. The Interac TSP is built to scale and allows for continued innovation. It offers the world class security and customization that our consumers and clients demand by offering tokenized digital transactions on multiple platforms and devices.
The Interac TSP is already being used to enable secure transactions using Interac with Apple Pay, as well as the new Mobile Pay service using Interac Flash, offered through participating Canadian Credit Unions mobile applications.
Security is foundational for the Interac product suite, and we have a global leading track record at payment fraud mitigation. The Interac TSP adheres to global mobile industry standards, and transactions through the Interac TSP have the same protections offered with other Interac payment products.
The concept of substituting consumers’ financial information with a “token” has been integral to the security of Interac products. For example, Interac debit cards feature an identifier (not an account number) on the front of the cards, Interac Online uses a one-time identifier to complete a transaction, and the Interac e-Transfer® service requires only an email or a mobile phone number to send money – no account information is shared between senders and recipients.
Tokenization substitutes a consumer’s financial information with a secure token, which consists of a unique, randomly generated sequence of numbers. This token, which is meaningless to unauthorized parties, enables digital transactions on the consumer’s mobile device. Tokens are also account, device, transaction and wallet specific, further minimizing fraud.
When a consumer adds their Interac card to a mobile wallet that supports a tokenized payment platform, the Interac TSP creates a payment token that enables their digital transactions.
1. A consumer follows the mobile wallet’s steps to enroll their card.
2. A request is sent via the Interac TSP to the consumer’s financial institution for validation.
3. Once the financial institution confirms the consumer’s information, it authorizes Interac to create a token, which we store in our token vault.
4. Once confirmed, the consumer’s card is successfully added to their wallet along with the payment token, enabling the consumer to perform digital transactions.
During the transaction process, the consumer’s information is replaced with a token, so that no financial information is shared with the merchant or any other third party, reducing theft and fraud.