The Evolution of Interac Corp.
Historically, there have been two providers of different Interac-branded products and services, Interac Association and Acxsys Corporation.:
- Interac Association
A cooperative venture originally created by Canada’s major financial institutions in 1984 to give Canadians broader access to their money through a single shared network. Products: Interac® Debit ABM withdrawals,Chip and PIN, and contactless payments.
- Acxsys Corporation
Created in 1996 by eight financial institutions who built the Interac network to develop new business partnerships and services, including: Interac e-Transfer®, Interac Debit for online payments, mobile payment solutions and international services.
The reorganization of Interac Association and Acxsys Corporation into Interac Corp. was completed in 2018, bringing all Interac-branded products and services together under one company. As a single corporate entity, Interac Corp. is better able to fund innovation, while at the same time reducing certain business, operating and legal complexities.