As we emerged from the COVID-19 pandemic in 2022, Interac refocused its efforts on expanding access to its services for consumers and businesses alike. Our CEO reflects on our commitment to all Canadians.Read the letter
2022 Corporate Year in Review
Connecting Canadians to the Digital Economy
Interac Corp. empowers Canadians to transact digitally with confidence by providing payment and value exchange services. Developing the future of money and verification in Canada means security and privacy are at the core of everything we do.
The 2022 Corporate Year in Review provides information about our annual performance, strategic plans and the 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 focused on delivering shared value across the ecosystem through the scale and reach of our networks and platforms.
In 2022, Interac worked to drive business growth, build communities and support employees.
Message from the President and CEO
Message from the Chair of the Board
Financial realities in 2022 highlighted the need for economical and empowering payment products. Paul Vessey, Chair of the Board of Directors, reflects on Interac successes and the role of the Board in shaping our impact.Read the letter
Good 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.
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 more
Seven Board Sub-Committees assist the Board in fulfilling responsibilities.Read more
The Interac Executive Committee guides the Interac team in shaping the future of payments in CanadaRead more
A Culture of Good Ethics and Compliance
Good business 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.
Interac’s Code of Business Conduct and Ethics summarizes the basic ethical and legal principles that guide the conduct of Interac Corp. 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 for accountability if standards of conduct are not upheld.
2022 Annual General Meeting of Shareholders
Interac is committed to creating a more equitable and inclusive organization. Interac President & CEO Mark O’Connell is one of many signatories of the BlackNorth Initiative Pledge, which outlines seven goals those signatories believe will move Canada toward ending anti-Black systemic racism and create opportunities for underrepresented groups. To extend our learning and deepen our allyship, Interac invited Wes Hall, Founder and President of BlackNorth Initiative (and dragon on Dragon’s Den) to the 2022 Annual General Meeting for a Q&A discussion where he shared insights into the BlackNorth Initiative’s vision and the power of representation.Read more
In 2022, Interac met or exceeded performance as measured by the Board of Directors.
Interac invested in strategic priorities to drive growth of commercial solutions by increasing access to its services for consumers and businesses. Highlights include:
Expanded access to Interac e-Transfer for Business across additional financial institutions.Read more
Worked closely with transit authorities across Canada to set foundation for open loop payments.Read more
Launched rebranded verification products acquired as part of exclusive licencing agreement with Gen Digital (previously SecureKey).Read more
Launched an online portal to provide resources to help developers integrate with Interac platforms.Read more
Next-gen payment products
Alongside financial institution partners, built new solution frameworks for next-to-market products.Read more
Welcomed a new Chief Technology Officer to strengthen current platforms and prepare for new technologies such as Real-Time Rail (RTR).Read More
24/7 mitigation tactics deployed across the Interac ecosystem drove low fraud losses – less than 0.03 cents lost for every $100 spent.Read more
Key Markers of Interac Growth
Interac demonstrated progress across revenue, fraud mitigation, network resiliency and product growth.
Interac e-Transfer YoY growth
Interac Debit YoY growth
Interac Debit through digital wallets YoY growth
Digital Transaction Growth
As digital transformation progressed for Canadians, so did the use of Interac payment and verification solutions.