Agreement marks the first international licence of Interac secure contactless and mobile debit solutions
TORONTO, June 9, 2016 – Interac Association/Acxsys Corporation (“Interac”), Canada’s leading payments brand, announced today its collaboration with BankAxept, Norway’s domestic debit network, bringing together the market-leading strengths of each organization to help accelerate the rollout of contactless and mobile debit solutions in Norway. The licensing agreements will help enable BankAxept to deliver a secure and cost-effective contactless point-of-sale solution in Norway, as well as provide documentation and software that will position BankAxept to offer a broad range of mobile payment solutions to its banking clients. BankAxept is the first client to license Interac payment solutions internationally.
“Interac has provided us with innovative, scalable and cost-effective solutions that allow us to rapidly deliver secure contactless debit and mobile debit offerings,” said Øyvind Apelland CEO, BankAxept. “Through seamless integration of Interac specifications onto our network, we are able to exploit the proven capabilities of a fully operationalized contactless EMV solution.”
“As Canada’s first and only domestic debit network, we have an acute understanding of the needs and challenges of operating a domestic debit network in an increasingly competitive and rapidly evolving payments arena,” said Mark O’Connell, President and CEO, Interac Association and Acxsys Corporation. “In recent years, we’ve invested heavily in technology and we’re excited that other domestic networks, such as BankAxept, see the value in licensing our proven payment solutions to enhance their contactless and mobile debit capabilities in their respective markets.”
Interac payment solutions enable domestic networks outside of Canada to remain agile, competitive and innovative through the licensing of documentation, specifications, and software. Licensees can expect to quickly and cost-effectively leverage solutions that can be customized and implemented to deliver products based on those offered by the Interac network in Canada, including contactless, mobile, and P2P solutions.
About Interac Association and Acxsys Corporation
Interac is Canada’s leading payment brand. Together, Interac Association and Acxsys Corporation operate an economical, world-class debit system with broad-based acceptance, 24/7 reliability, security and efficiency. The brand is chosen an average of 16 million times daily to pay and exchange money. Interac products and services securely connect people to their money at the ABM through Interac Cash, at retailers across Canada and the US through Interac Debit, and online through web-based services: Interac Online for online purchases, Interac e-Transfer for person-to-person payments, and Interac e-Transfer bulk disbursement for commercial payments. In addition, Interac Flash, the secure contactless enhancement of Interac Debit, is in widespread use at retailers across Canada and provides the service for mobile NFC proximity payments. The organization is also a leader in the prevention and detection of fraud.