Explore Connecting Canadians to the Digital Economy, the 2022 Interac Corporate Year in Review.
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’s core capabilities to diversify offerings and ensure Canadians can exchange value with confidence, today and in the future.
A key focus of our work in this area is advancing open banking in Canada. Open banking is a framework which would give consumers and businesses full control over their financial data – what data is used, how and when it is used and the ability to grant consent as well as oversee and revoke access. In 2022, Interac continued to play an active role in convening the ecosystem to address the benefits and gaps on the collective road to open banking. Demonstrating how Interac broadens access to our services for all stakeholders, we brought together data providers (banks and credit unions) and requestors (fintechs) to pursue SMB use cases through our minimum viable ecosystem. Interac was an active participant in the Department of Finance consultations to establish a made in Canada framework. The key topics of these working groups – including privacy, liability, accreditation and security standards – were later shared with industry stakeholders through Interac’s participation in an event hosted by The Globe and Mail, providing financial service professionals, tech innovators, business, policy and consumer advocates with an update and potential action plan for open banking implementation.
Another focus in 2022 was helping fuel innovation by streamlining access to Interac solutions. Interac relaunched its Developer Portal, which lives on its Innovation Hub, with refreshed architecture to enable users to explore, understand and connect to Interac’s suite of products and services that help Canadians exchange value. By making the Developer Portal more seamless and responsive, Interac aims to serve as a catalyst for innovation in Canada, inspiring ideas about what is possible in payments, verification and beyond.