Explore Connecting Canadians to the Digital Economy, the 2022 Interac Corporate Year in Review.
In 2022, Canadians faced a new financial reality, highlighting the need for economical and empowering payment products.
In the last year, consumers and the business community have encountered new challenges, as the singular crisis of the pandemic has given way to other sources of tension, including rising prices and interest rates.
The result has been a challenging 12 months for many, which highlighted the importance of feeling in control of one’s money and data. I, alongside the Board of Directors, am proud that Interac solutions give Canadians confidence over their spending and their budgets, regardless of whether a transaction takes place in person or online, in a store or on transit.
And over the past year, Interac expanded its trusted transaction solutions with the verification services it operates as a result of an agreement with Gen Digital (SecureKey at time of agreement). When transacting digitally, Canadians want to know their personal information is being protected, and that’s a challenge Interac verification services are designed to address. This new offering marks an important milestone for Interac and generates a new suite of Interac capabilities to layer on top of its current offerings in payment and data verification. The past year demonstrated that yet again, Canadians chose Interac solutions to manage their day-to-day lives with convenience and control. Exceeding the expectations of Canadians who have been transacting with Interac for decades takes great leadership, and I want to give credit to Mark O’Connell, President & CEO, and his team of more than 550 employees who have done just that.
Mark’s achievement has been in powering the transactions of today, as we saw with the growth of new ways to use Interac Debit on mobile and in mobile applications, while always planning for the emerging needs of tomorrow. That dual focus is relevant for the Board as we seek to create strategic value while upholding the highest standards of governance and promoting continuous improvement.
Interac has shown great integrity by listening and acting upon the input of its many stakeholders, pushing the financial and verification ecosystems towards greater cooperation, breaking down boundaries and removing sources of friction – all in the service of innovation that benefits Canadians as citizens, consumers and business leaders.
When we look to the future, we do so with the Interac track record in mind. The Board considers how Interac can dually benefit not only shareholders and the wider industry, but also how the company’s role in supporting the economy and prioritizing the investments will deliver value in Canadian communities today and in the future.
It takes a diversity of perspectives, a variety of experience and independent thought to formulate the policies and goals shaping the path forward. I want to thank the Interac Board members for their commitment to these aims, and their parallel oversight of management decisions, systems and controls which is equally critical. That includes a focus on risk management, which is essential amid the growing complexity of the digital economy.
The results that follow reflect the careful consideration, thorough analysis, and sound strategic decision-making by executive management and the Board.
Chair of the Board