About Us

About Interac Association

A recognized leader in debit card services, Interac Association is responsible for the development and operations of the Inter-Member Network (IMN), a national payment network that allows Canadians to access their money through Automated Banking Machines and Point-of-Sale terminals across Canada.

Formed in 1984, Interac Association is now composed of a diverse group of members, including banks, trust companies, credit unions, caisses populaires, merchants, and technology and payment related companies.

Today, Canadians coast to coast associate the Interac® brand with leading electronic payment services that are trusted, secure and reliable.

The Association is governed by a 14-member Board of Directors, appointed annually by the members. The Board operates under a Consent Agreement, issued in 1996, designed to enhance competition, as well as outline requirements for the organization's governance, access to the network and revenue model.

Board of Directors 2012

The Interac Association is a not-for-profit organization, governed by a 14-Member Board of Directors, appointed annually based on the business sector and the volume of transactions processed.

To view a list of our Board of Directors click here.

David Heatherly, Bank of Montreal
Oscar van der Meer, Central 1 Credit Union
Paul Browne, Chase Paymentech Solutions
Ben Mellett, CIBC
Stephen Fitzpatrick, Credit Union Central of Canada
Patrice Dagenais, Fédération des caisses Desjardins du Quebec
Jamal Awad, Global Payments Canada Inc.
Sylvain Malo, Laurentian Bank
Eric Paquet, National Bank of Canada
Rob Palin, Open Solutions Canada
Lorne Lerner, Suncor Energy Inc.
Doug Collins, Royal Bank
Brian McCabe, The Bank of Nova Scotia
Raymond Chun, TD Canada Trust
John Dominelli, TNS Smart Network Inc.

For a more comprehensive look at Interac Association's history, services and company information, see Interac Association – A Backgrounder.

Fee Overview

As a not-for-profit organization, Interac Association does not directly charge fees to customers and merchants. The Association operates on a cost-recovery basis, which means the Association charges members a “per transaction” fee sufficient to cover operating costs. The member fee varies annually based on operating expenditures for the year. For more information about the member fee, please click here.

The Interac Association members who offer Interac services to customers and merchants may charge fees for the use of those services. For more information about the surcharges members can charge customers, please click here. For more information about the fees members can charge merchants, please click here

While Interac Association does not charge customer and merchant fees directly, it does have a role in setting an interchange rate for Interac Cash transactions through Automated Banking Machines (ABM). Interchange is a fee that the cardholder's financial institution pays to the ABM operator and it is designed to compensate the ABM operator for the service of providing cash to the financial institution's customer. A single interchange rate of 75 cents per transaction applies to all Interac Cash transactions. Interchange for the Interac Debit service is currently set at 0.

About Acxsys Corporation

Acxsys Corporation was founded in 1996 by BMO Bank of Montreal, CIBC, RBC, Scotiabank, TD Canada Trust, National Bank of Canada, Desjardins Group and Credit Union Central of Canada.

Acxsys Corporation provides management services to Interac Association and specializes in the development and operation of new payment service opportunities. Acxsys Corporation businesses include the operation of the Interac e-Transfer service, the Interac Online service, and Cross Border Debit. The latter is offered through a partnership with NYCE Corporation, one of the leading debit networks in the United States.

To view a list of our executive team members click here.

Mark O'Connell - President & CEO
Marc-André Lacombe - Chief Legal & Development Officer
Gerry McDonald - Chief Financial Officer
Amanda Holden - VP, Operations, Security & Technology
Kirkland Morris - VP, Enterprise Strategy
Barry Campbell - VP, Client Management & Marketing
Allen Wright - VP, Product Management

Milestones

2008	Chip technology begins to roll out across Canada.
2007	Canada's first Interac chip debit card transaction, conducted in September in preparation of the Kitchener–Waterloo, Ontario market trial.
2006	Interac Association and members of the payment card industry announced in November a chip technology trial to take place in Kitchener-Waterloo, Ontario in autumn of 2007.
2006	Interac Debit set a new record with 31.2 million transactions processed on the two busiest shopping days of the year, December 22 and December 23.
2005	Interac Debit sees its busiest day in history, logging 15.5 million transactions on December 23, 2005.
2005	There are over 51,000 Automated Banking Machines that can be accessed through the Inter–Member Network.
2005	The Interac Online service was launched in the Spring.
2004	The Cross Border Debit service was launched in October, forming an alliance with NYCE in the US.
2004	In February, the Interac e-Transfer service was launched.
2003	In October, Certapay was acquired as a division of Acxsys Corporation.
2000	On its 10th anniversary, Interac Debit surpasses cash as Canadians' preferred way to pay for purchases.
1997	One billion Interac Debit transactions logged.
1997	The Competition Tribunal approves a Consent Order, which expands Interac Association membership, creating a new marketplace for Interac services.
1996	First non-financial institution offers the Interac Cash service at Automated Banking Machines.
1994	Interac Debit is available nationally.
1993	Interac Debit is offered in Alberta, Manitoba, Saskatchewan, and North West Ontario.
1992	Interac Debit is offered in British Columbia, Northwest Territories, Yukon and Quebec.
1990	Interac Debit is launched in Ottawa/Hull.
1986	The first Interac Cash (ABM) transaction took place.
1986	Launch of the Interac Cash service. 6.2 million transactions achieved.
1984	Five Financial Institutions decide to link their own Automated Banking Machine networks to give their cardholders broader access to cash withdrawals at Automated Banking Machines across Canada.

Sponsorships and Partnerships

Canadian Retail Institute

Interac Association is proud to be a sponsor of the Canadian Retail Institute, a division of Retail Council of Canada that focuses on strengthening the retail industry by encouraging retail education and career awareness through educational programs, scholarships and partnerships.

As part of this partnership, Interac Association is pleased to participate in the Retail as a Career Scholarship Program, a program that honours students entering or enrolled in a business, marketing or retail-related program at a Canadian post-secondary institution, by awarding the top applicant with a $5,000 scholarship.

For more information about the 2011 Retail as a Career Scholarship Program and the application process, please visit www.retailcouncil.org.