Interac has long been a pioneer in empowering seamless digital payment experiences and enhancing financial security for Canadians. Jeremy Wilmot, President and CEO of Interac Corp., explains our vision in the next era of the digital economy.
Read the letter2024 Corporate Year in Review
Accelerating Canada’s Digital Future
Interac Corp. (Interac) empowers Canadians to transact with confidence by providing payment and value exchange services. Developing the future of money movement and verification in Canada means security and privacy are at the core of everything we do.
The 2024 Corporate Year in Review provides information about our annual performance, strategic plans and the important role Interac plays in the lives of Canadians.
While not a publicly traded company, transparency and accountability are central to our place in the Canadian economy. We are committed to delivering shared value across the ecosystem through the scale and reach of our networks and platform.
Message from the President and CEO
Message from the Chair of the Board
Interac is a cornerstone of the robust payment ecosystem Canadians know and trust. Paul Vessey, Chair of the Board of Directors, reflects on a year of significant progress and growth.
Read the letter
Leading Canadians to Digital Prosperity
In 2024, Interac introduced our three-year strategy with a guiding North Star: to lead Canadians to digital prosperity.
To us, it is about connecting Canada to the possibilities of the digital economy. It means providing access to seamless, secure payments, building financial security and cultivating an environment where businesses of all sizes can innovate, scale and grow.
Interac is well-positioned to lead the way, through three key roles that will drive digital prosperity for Canadians.
Interac as Operator
At Interac, we see a unique opportunity to be an operator of instant data-rich payments across Canada. This includes expanding our relationships with Payments Canada on the Real-Time Rail.
Over the next three years, Interac will double-down on delivering real-time account-to-account payments for Canadians. As we work towards the launch of real-time payments with Payments Canada and the other key delivery partners of the real-time rail project, we’re closer than ever to giving Canadians the ability to move meaningful sums instantly.
Embedding these real-time payments across the economy will lead to faster, easier, and more convenient everyday transactions, improving not only the transaction experience, but also driving growth and productivity.
Interac as Protector
Our vision is for Canadians to thrive in a fully digital world and to have the confidence that their funds and identity are secure.
We are going to continue to protect Canadians against fraud attempts and help detect fraud in the Canadian financial ecosystem. Fraud detection and prevention is already a core part of our business and over the next three years, we will continue to lead and build out those capabilities.
Effective fraud prevention starts with digital verification. Interac has been investing heavily in this space since 2019, most notably with the launch of the Interac Verified product suite in 2023, and we have plans to accelerate these efforts over the next three years. This suite of verification and authentication solutions means consumers, businesses and governments can have a consistent experience to make sure they’re confidently transacting. Millions of Canadians already use these services through some of their interactions with the federal government and we look forward to seeing them advance in new, innovative ways.
Interac as Enabler
Making payments simple and convenient is already core to Interac and the services we have provided for more than 40 years. We are going to continue to enable simple, convenient transactions and, in turn, empower Canadian organizations to innovate and grow.
We are going to continue and expand our role to connect consumers, businesses and financial institutions with seamless, secure payments.
In the coming years, we will focus on the user experience and broadening access, including fintechs to scale and grow their service offerings. Specifically, we will continue to invest and grow the Interac Debit, Interac e-Transfer and Interac Verified business lines to ensure that the user experience keeps up with, is safe, and is consistent across the economy.
Interac has a unique and trusted position within the payment ecosystem that we know we can build upon. Our 40-year history of being a common good that enables sector-wide innovation, gives us a unique vantage point with Canadians, the government and the private sector.
Celebrating 40 Years
Last year we celebrated our 40th anniversary during a time of transformation — not just for Canada’s economy, but the world’s. As we look forward to building a more prosperous digital future for Canadians, let’s look back at 40 years of digital innovations that Canadians rely on every day.
Read moreGood Corporate Governance
Our approach to corporate governance is based on the principle that good, transparent processes lead to proper outcomes. We enable that with clear direction and tone from the Board of Directors (Board) and accountability amongst our Executive team and staff.
Our Principles
Conduct and culture
Our Board champions the values of trust, transparency, and good governance. We encourage a culture of integrity with all stakeholders, prioritizing input and accountability.
Transparency and risk management
Trust and integrity are at the core of our corporate identity. Our Board oversees frameworks, policies, and systems to identify and manage risks, creating a strong risk-management culture.
Responsibility and accountability
Defined mandates, policies and charters outlining corporate responsibilities and authority hold our Board, leadership team and employees accountable for their actions and behaviours.
Strategic value creation
We consider the interests of our shareholder with a strategic lens as we drive meaningful value in our industry, community, and economy.
Independence
In accordance with the Unanimous Shareholder Agreement that our shareholders have entered into, our 13-member Board of Directors includes our four Independent Directors who bring a breadth of industry experience from merchant, venture capital, and payments backgrounds.
Continuous improvement
We are committed to continuously improving the way we operate, manage and engage with our stakeholders. We strive to keep pace with the latest developments in corporate governance best practices.
Interac Governance Bodies
We hold ourselves accountable to a culture of transparency, integrity, and accountability at every level of the organization, from the Board of Directors to our Executive Team and our staff.
Board of Directors
Board members bring their industry insights, business experience, and individual perspectives while acting in the best interests of the company.
Read moreBoard committees
Seven Board Sub-Committees assist the Board in fulfilling responsibilities.
Read moreLeadership team
The Interac Executive Committee guides the Interac team in shaping the future of payments in Canada.
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A Culture of Good Ethics and Compliance
Strong ethics are essential to governance excellence. Interac has adopted a values-based ethics and compliance program that uses resources efficiently and closely aligns with our corporate culture.
The Interac Code of Business Conduct and Ethics summarizes the basic ethical and legal principles that guide the conduct of Interac and its employees. It fosters an open and transparent environment where employees can raise concerns without fear of retaliation, establishes the ability to address complex and sensitive issues and provides accountability if standards of conduct are not upheld.
Corporate Performance
In 2024, Interac met or exceeded performance as measured by the Board of Directors.
Investment Highlights
Interac focused sharply on key priorities to lead Canada to digital prosperity while accelerating growth of both our current and future solutions. Learn more about everything we’ve done in 2024 below.
Digital Experiences
Interac acquires the exclusive Canadian rights to use Toronto-based Vouchr platform, enabling the future development of customizable Interac e-Transfer notifications
Read more
Broadening Access
Canada’s largest credit union, Coast Capital, enhances speed and reliability of digital payments with direct participation in the Interac network
Read more
Contactless Payments
Interac Debit mobile contactless transactions surge 53% in 2024 over the previous year
Read more
Fraud & Security
Ongoing education and awareness can help individuals identify fraud with speed and agility and outsmart fraudsters
Read more
Fraud & Security
Interac and Conscious Economics join forces to help bolster the fraud awareness and financial fortitude of newcomers
Read more
Key Markers of Interac Growth
Interac demonstrated progress across revenue, fraud mitigation, network resiliency and product growth.
Revenue growth
7%*
Revenue YoY growth
Fraud losses
3.92bps
Interac fraud-loss basis points
*For every $100, approximately $0.04 was lost to fraud.
Network resiliency
99.99%
Availability of Core Interac platform
Digital Transaction Growth
As digital transformation progressed for Canadians, so did the use of Interac payment and verification solutions.
6.6B total Interac Debit transactions
August set an all-time monthly high for the service with volumes exceeding 593M transactions.
1.4B total Interac e-Transfer transactions
October set a monthly high for the service with volumes exceeding 125M+ transactions.
1.3B Interac Debit on mobile growth YoY
For the second year in a row, Interac recorded more than one billion Interac Debit on mobile transactions in a 12-month period.
12.4M total transactions across Interac Debit e-Commerce via digital wallets
15% Interac Verified Services monthly transaction growth in 2024
89.2M Interac e-Transfer for Business – Request Money
October set an all-time monthly high for the service with volumes exceeding 10M+ transactions.
Broadening Government Relations
2024 was a pivotal for Interac, highlighted by the fruition of long-awaited legislative and regulatory advancements. Interac’s mission to spearhead Canada’s journey towards digital prosperity was bolstered by our proactive efforts to help shape policies that foster the digital economy and build public trust and adoption.
Read moreCommitted to People and Community
Empowering and developing employees while investing in communities were top priorities for Interac in 2024.
In fiscal 2024, we focused on strengthening our employer brand and saw an increase in applications to Interac by 12% over the prior fiscal, receiving a total of 60,500 applicants to our posted roles. In total, we onboarded over 174 new employees to support our growth plans to accelerate the digital economy.
We also invested over $1.4M in upskilling our workforce and empowering employees with the skills and development opportunities needed to drive innovation.
We welcomed
2024 Highlights
$1MM
invested in community organizations that support Canadians and newcomers in building their financial confidence.
$129K
raised through employee donations for Canadian charities and Interac matched every dollar
$47K
raised in support of the global movement, Movember
Invested in 50+
Canadian charities from coast to coast to coast
Over 174
new employees, 4% increase in headcount
This is #InteracLife
Whether it’s building solutions that enable coast-to-coast-to-coast transactions and secure interactions, taking advantage of learning and development opportunities, volunteering in local communities, or building connections at our hybrid corporate events, there’s no shortage of ways to be involved at Interac. Our employees share their elevator pitch on what #InteracLife means to them.
Read more
ADAPT Transformation
We undertook a full-scale organizational transformation in fiscal 2024, optimizing the way we work to focus on customer success and deliver swiftly to market.
Our employees showed resilience and openness to change as we began our ADAPT organizational transformation into an agile, product-centric model, intended to equip us to be even more responsive to market needs and deliver value to our customers faster.
Interac is now organized around our product success, with cross-functional agile squads dedicated to constantly improving and deploying product enhancements that deliver the most value to the business.
This also meant evolving many of our internal systems, processes and technologies to support our new way of working – moving to a quarterly planning cycle, adopting a product P&L model, and integrating internal platforms to enhance efficiency.
Awards and Accolades
Investing in Communities
2024 was a year in which many Canadians faced rising financial pressures, from the increasing cost of living to everyday expenses. In response to these challenges, Interac doubled down on its community impact efforts to support Canadians—especially newcomers—in building their financial confidence. Through a variety of initiatives, we equipped individuals with some key tools, knowledge, and mentorship needed to enhance their financial wellbeing and guide them toward digital prosperity.
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DEI Partner Spotlight
At Interac we’re not only committed to supporting Diversity, Equity, and Inclusion (DEI) initiatives within our own walls, but also outwards in our communities. In 2024, we invested more than $ 1.1 million in community organizations and have created nine external collaborations that are not only supporting our brand but helping communities. Within the walls of our organization, we’ve created seven Employee Resource Groups with 500+ employees involved and received a top score in the Pride at Work Worplace Audit.
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