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

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

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.

Our Principles

These principles drive our corporate governance approach and practices:

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 shareholders with a strategic lens as we drive meaningful value in our industry, community, and economy.

Independence

In accordance with the Unanimous Shareholder Agreement, our 13-member Board of Directors includes 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 our stakeholders. We strive to keep pace with the latest trends of 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. 

Board committees

Seven Board Sub-Committees assist the Board in fulfilling responsibilities.

Leadership team

The Interac Executive Committee guides the Interac team in shaping the future of payments in Canada 

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.

Corporate Performance

In 2022, Interac met or exceeded performance as measured by the Board of Directors.

Investment Highlights

Interac invested in strategic priorities to drive growth of commercial solutions by increasing access to its services for consumers and businesses. Highlights include:

Business payments

Expanded access to Interac e-Transfer for Business across additional financial institutions.

Transit

Worked closely with transit authorities across Canada to set foundation for open loop payments.

Verification

Launched rebranded verification products acquired as part of exclusive licencing agreement with Gen Digital (previously SecureKey).

Developer portal

Launched an online portal to provide resources to help developers integrate with Interac platforms.

Next-gen payment products

Alongside financial institution partners, built new solution frameworks for next-to-market products.

Technology resiliency

Welcomed a new Chief Technology Officer to strengthen current platforms and prepare for new technologies such as Real-Time Rail (RTR).

Strategy

Finalized three-year strategy for future growth.

Fraud mitigation

24/7 mitigation tactics deployed across the Interac ecosystem drove low fraud losses – less than 0.03 cents lost for every $100 spent.

People

Hired more than 200 top talents to be part of the Interac growth journey with specific focus on technology experts and developers.

Key Markers of Interac Growth

Interac demonstrated progress across revenue, fraud mitigation, network resiliency and product growth.

Revenue growth

+41%*

Revenue YoY growth

*Includes the annualization of the SecureKey acquisition and Real-Time Rail build recharges to Payments Canada.

Fraud losses

3.09bps

Interac fraud-loss basis points

*For every $100, approximately $0.03 was lost to fraud.

Network resiliency

99.78%

Availability of the Interac e-Transfer platform

Interac e-Transfer YoY growth

+11.35%

2021

937M

2022

1.04B

Interac Debit YoY growth

+5.95%

2021

5.9B

2022

6.2B

Interac Debit through digital wallets YoY growth

+27.4%

2021

7.8M

2022

9.9M

Digital Transaction Growth

As digital transformation progressed for Canadians, so did the use of Interac payment and verification solutions.

1B+ total Interac e-Transfer transactions

For the very first time in its 20-year history, Interac e-Transfer surpassed one billion transactions over a 12-month period.

127% Interac e-Transfer real-time transactions growth YoY

Hit over 165,000 Interac e-Transfer real-time transactions in September.

11.6M total Interac e-Transfer Bulk transactions

For the first time, Interac e-Transfer Bulk transactions surpassed 1M transactions for four consecutive months.

6.2B total Interac Debit transactions

August set an all-time monthly high for the service with Interac Debit transactions exceeding 565M.

13.97% Interac Debit contactless growth YoY

In October, 70% of all Interac Debit transactions were contactless, hitting an all-time high.

~10M total transactions across Interac Debit e-Commerce via digital wallets

Chase implemented In-App in May.

9% Interac Verification Services Transaction Growth in 2022

Laid foundation for launching the Interac verification service app in November 2022.

11% Interac Sign-In Service authentication growth in 2022

Rebranding of Interac sign-in service (formerly Government Sign-In by Verified.Me) launched in October.

Interac Strategy for Future Growth

The Interac Strategy & Innovation group successfully enabled and received endorsement from the Board of Directors on the three-year corporate strategy, which has poised Interac to accelerate business successes by leveraging existing assets with a focus on growth and innovation.

Mandate:
To deliver, manage, and advance interconnected networks and platforms that provide shared value across its ecosystem and shareholders through the scale and reach it provides.

Priorities:
Key priorities focus on our core business, growth through in-flight initiatives, and innovative adjacencies relevant to value exchange.

Approach:
Deliver the three-year integrated blueprint and FY23 plan with a focus on people, delivery, and investment & return.

Broadening Access for Canadians

Interac is unlocking ways for Canadians to use and control their own money and data, while maintaining and growing the trust they place in us.

Helping Canadians Transact Digitally with Confidence

Canadians want to transact digitally, with greater choice in and control over how they pay. Businesses must adapt to evolving consumer payment preferences in order to deliver the seamless payment experiences they expect – and that is an area that Interac focused on in 2022.

Want to Know More?

Visit the stories below on Interac In the Know to learn more about how Interac is helping provide greater choice in and control over how Canadians pay.

Walmart Canada launches Interac Debit payments for e-Commerce

Walmart Canada and Interac Corp collaborate to offer customers the ability to pay with Interac Debit online and in-app.

What one billion Interac e-Transfer transactions mean for Canadian businesses

Interac reached a money movement milestone in 2022

Square, Interac and CSEC announce program to help boost local businesses

Collaboration powers cashless sales while supporting small business with #YYCSpotlight Business Giveaway

Helping Canadians Verify Their Information Online

Interac remained steadfast in its commitment to protecting Canadians’ privacy and ensuring personal information is in their control when they choose to access online services. As digital transformation progresses, more Canadians are exchanging personal information online, including financial data and personal credentials. Interac verification solutions helps put Canadians in control of their information and how it is shared and used online.

Want to Know More?

Visit the stories below on Interac In the Know to learn more about how Interac is helping protect Canadians’ privacy and ensure personal information is in their control when transacting online.

Interac verification service puts privacy in the hands of Canadians

For the first time, the Interac verification service app is available for download as another option to verify personal information easily and securely.

Interac sign-in service to surpass 100 million transactions in 2022

Canadians seek convenient ways to authenticate themselves online.

Fuelling Innovation in Canada

Beyond payments, Interac – with its trusted brand, experience in foresight and strategy, and decades of experience delivering financial transactions to market – is well positioned to broaden access to digital tools and solutions for Canadians. Through exploration and development, our teams continue to leverage Interac core capabilities to diversify offerings and ensure Canadians can exchange value with confidence, today and in the future.

Want to Know More?

Visit the stories below on Interac In the Know to learn more about how Interac is fuelling innovation in Canada.

How the new Interac Developer Portal is designed to fuel the innovation ecosystem

The Interac Developer portal was built to support developers who work on products for the Canadian market.

An inside look at the Interac Lab: A Canadian incubator for fintech innovation

Located at Communitech, the Interac Lab has been enabling Interac and the Canadians it serves to become more future-ready.

Collaborating with Interac: Innovation Partnerships

The Innovation Partnerships team brings together a unique web of players and perspectives.

Building Trust with Canadians

Trust is central to who we are at Interac. It’s been core to our 35+-year history and will be even more important as we innovate for the future. As a leader in Canadian fintech, we adhere to world-class security and innovation. And, as one of Canada’s most trusted brands, we prioritize consumer education and engagement that helps Canadians stay in control of their money and data.

Want to Know More?

Visit the stories below on Interac In the Know to learn more about how Interac is building trust with Canadians.

How Canadians can protect themselves in a digital world

Interac compiled the most common digital scams to watch out for, along with critical tips to help prevent them.

Interac leads as one of Canada’s most trusted brands

Trust is central to who we are at Interac.

Sound Shopping: An exciting experiment in how music impacts spending

Interac explores how innovative tools can help people spend more mindfully.

How Would You Like to Pay?

Using Interac Debit, Interac e-Transfer and Interac e-Commerce solutions helps you take charge and demonstrate the confidence that can come from being in control of your money.

Committed to People and Community

Empowering and developing employees as well as investing in communities were top priorities for Interac in 2022.

2022 Highlights

Interac is committed to investing in our people and the communities where we live and work.

$750K

invested in 50+ Canadian community organizations

212

new employees

85%

employees retained

Putting People First

Interac empowers employees to live their lives to the fullest – while at work and away. In 2022, we collaborated with employees to establish our hybrid work model, offering them the flexibility to work where they work best, and continued our commitment to providing best-in-class benefits, competitive salaries, and career development opportunities.

Why do we do what we do at Interac?

This Is #InteracLife

What makes Interac special? The people who work here. That’s why we asked them to tell us what makes Interac, Interac.

Innovation

Create & Invent

We advance the fintech landscape through creativity, deep insights and a forward-focus lens.

Inclusion

Proudly Diverse

Ours is a friendly, inclusive workplace where everyone has the opportunity to excel.

Intentional

People Programs

Our award-winning people programs offer flexibility, connection, wellness and recognition.

Investing

in Canadians

We make a difference by helping Canadians feel financially confident and get more out of life.

Inspiring

Growth

We foster growth in our industry, in Canadian businesses, and within each other.

Want to Know More?

Visit the below stories on Interac In the Know to learn more about how Interac is putting its people first.

Hybrid doesn’t just offer flexibility at Interac, it drives results

Empowering our teams to focus on success, not location.

Interac recognized as a top employer in Toronto

Interac values and invests in its employees growth.

Investing in Communities

Interac is committed to excellent corporate citizenship and community investment rooted in helping Canadians get more out of life. We demonstrate our responsibility through impact-oriented programming that helps underrepresented groups build their financial and digital confidence.  In 2022, we launched new learning programs aimed at helping Canadians build financial confidence and invested a record number of funds in our communities.