Explore Accelerating Canada’s Digital Future, the 2023 Interac Corporate Year in Review
Interac is a cornerstone of the robust payment ecosystem Canadians know and trust. As we conclude 2023, we reflect on a year of significant progress and growth. The company continued to expand its offerings, providing increased access for Canadian consumers and businesses that, in turn, empower them to transact with confidence – in their office, on transit or in their homes.
All of this was made possible because of a strong foundation, built over the last four decades. Interac has been a leader in near real-time payments exchange since the early 2000s, and has become truly integrated into the way consumers and businesses participate in the digital economy.
Today, consumers and businesses turn to Interac for both innovative payments solutions, as well as to digitally verify and authenticate themselves. The Board would like to thank Mark O’Connell for the important role he played in shaping the corporate evolution of Interac over the last 17 years.
Now, Interac is primed for the next chapter. In 2023, we welcomed our new CEO, Jeremy Wilmot. Jeremy brings a wealth of knowledge and expertise to Interac, including decades of international experience in payments. The company will benefit from his open and inclusive vision, advancing opportunities for Interac to support Canadians in new ways.
As we embark on this journey, strong governance remains paramount. The risk environment Canadians operate within is rapidly changing. An overall increase in digital transactions introduces new challenges, especially as fraud actors work to undermine trust. The designation of Interac Debit as a Prominent Payment System in October by the Bank of Canada underscores the role Interac plays in enabling the daily operation of Canada’s economy; our work with the Bank of Canada is a key output of our risk management strategy. The growth trajectory of Interac requires us to adapt, innovate and respond with solutions to ensure Canadians can transact safely and confidently in the digital economy; the Board is playing an important role in supporting this work.
I want to express my gratitude to all Board members, stakeholders and Interac employees for their hard work and dedication toward realizing this vision for Canadians. With robust governance and a solid foundation, the Board looks forward to continued growth in 2024 as we make critical advances for Canadians, enabling greater access and choice through the Interac product suite.
I also want to extend a warm welcome to our new Board members, Sheila Vokey, Sona Mehta, and Ramesh Siromani. Each brings a wealth of experience and unique perspectives that will undoubtedly contribute to our strategic direction and governance. Their addition to the Board underscores our commitment to better reflecting Canadian society and I look forward to their contributions.
The collective commitment of the more than 700 Interac employees, management team and Board has placed us in a position of strength, ready to embrace the challenges and opportunities that lie ahead as we continue to shape a strong, inclusive, and accessible digital economy for Canadians and businesses alike.
