TORONTO, February 13, 2013 – Interac Association and Acxsys Corporation are formally announcing that the organizations are adopting the Financial Consumer Agency of Canada (FCAC) Commissioner’s Guidance Code of Conduct for the Credit and Debit Card Industry in Canada (Code of Conduct) – Increased disclosure in sales and business practices and cancellation of contracts without penalty, released today by the FCAC.
“Minister Flaherty has been clear that payment card network operators and other payment industry participants should be adhering to both the intent of the Code of Conduct in addition to the letter of it, and we completely agree,” emphasized Mark O’Connell, President and CEO of Interac Association/Acxsys Corporation. “We continue to fully support the Code of Conduct and commend the FCAC Commissioner for taking this step to help clarify what is expected of the market when adhering to the Code of Conduct.”
“The Code of Conduct has been an important tool to help increase choice and transparency for merchants and consumers and should continue to be the foundation for future policy efforts as the marketplace and technologies evolve,” added Mr. O’Connell.
Interac Association and Acxsys Corporation formally adopted the Code of Conduct in May, 2010.
About Interac Association and Acxsys Corporation
A recognized world leader in debit card services, Interac Association is responsible for the development and operations of the Interac network, a national payment network that allows Canadians to access their money through Interac Cash at 60,000 Automated Banking Machines and Interac Debit at 766,000 point-of-sale terminals across Canada. Interac Flash, a secure contactless enhancement of Interac Debit allows Canadians to pay for items instantly with their Interac chip debit card at a reader that supports Interac Flash. Interac Association was founded in 1984 and is comprised of a diverse membership that includes banks, trust companies, credit unions, caisses populaires, merchants, and technology and payment related companies.
Other related services offered by Acxsys Corporation, whose shareholders are the architects of the Interac network, include: Interac Online, for secure online payments made directly from a bank account; Interac e-Transfer, for the transfer of money from one person’s bank account to another person’s bank account using an email address or mobile phone number; and international services, which provide Canadian cardholders with point-of-sale access at nearly 2 million U.S. retailers, and PULSE, Discover, Diners Club International and UnionPay cardholders access to ABMs in Canada.