{"id":153915,"date":"2024-02-20T16:48:00","date_gmt":"2024-02-20T21:48:00","guid":{"rendered":"https:\/\/interac1.wpengine.com\/?post_type=content&p=153915"},"modified":"2025-05-30T15:46:28","modified_gmt":"2025-05-30T19:46:28","slug":"who-are-we-learn-how-interac-powers-daily-transactions-for-canadians","status":"publish","type":"content","link":"https:\/\/www.interac.ca\/en\/content\/business\/who-are-we-learn-how-interac-powers-daily-transactions-for-canadians\/","title":{"rendered":"Who are we? Learn how Interac powers daily transactions for Canadians"},"content":{"rendered":"\n

Every day, Interac helps Canadian consumers and businesses transact and interact digitally with confidence \u2013 whether it\u2019s to pay rent, get paid for freelance work, buy groceries at the point of sale, access government services, order food in-app, or send money to almost anyone with a Canadian bank account.<\/p>\n\n\n\n

With organizational roots that go back four decades<\/a>, and activities that reach every region of this country, Interac has grown along with Canada, and we\u2019re deeply invested in the prosperity, security and vibrancy of Canadian communities<\/a>. Our commitment to diversity and inclusion has helped us gain recognition as one of Greater Toronto\u2019s top employers in 2023 for the third year in a row<\/a>, as well as being recognized as one of Canada\u2019s most trusted financial brands for multiple consecutive years and one of the country\u2019s most admired corporate cultures in 2023<\/a>.<\/p>\n\n\n\n

Our primary purpose is to facilitate secure exchanges between businesses, consumers and their financial institutions through exceptional privacy, fraud mitigation, governance and digital authentication expertise. When it comes to money, Canadians completed more than 6.6 billion Interac<\/em> Debit transactions and 1.18 billion Interac <\/em>e-Transfer transactions in 2023. To facilitate that activity, Interac operates three main platforms:<\/a><\/p>\n\n\n\n

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  1. The Inter-Member Network (IMN), through which all Interac<\/em> Debit transactions move<\/li>\n\n\n\n
  2. Interac<\/em> e-Transfer, which facilitates money movement between Canadian online bank accounts<\/li>\n\n\n\n
  3. Token Service Provider (TSP), which enables tokenized debit transactions on any device or mobile wallet that supports it (we\u2019ll explain tokenization in more detail below)<\/li>\n<\/ol>\n\n\n\n

    Interac also offers its arm of verification and authentication solutions under the Interac<\/em> Verified brand<\/a>. This marks a new chapter for Interac as we move beyond payments and into helping Canadians securely engage digitally<\/a>. Through this new product suite, Interac<\/em> Verified allows users to verify their data using Interac <\/em>verification service and Interac<\/em> document verification service to get access to participating services, as well as authenticate users before gaining access to select government services using Interac <\/em>sign-in service. With these solutions, Canadians completed 218 million verification and authentication transactions in 2023.<\/p>\n\n\n\n

    Read on to understand more about how Interac helps Canadians connect, transact and interact digitally every day.<\/p>\n\n\n\n

    1. The Interac ecosystem keeps everyone connected <\/h2>\n\n\n\n

    Interac stands at the centre of the payments landscape in Canada as a service provider that creates connections and platforms for safe and convenient transactions. <\/p>\n\n\n\n

    People, companies and organizations across the country look to Interac to foster stability, convenience and innovation. Here\u2019s how we\u2019re connected.<\/p>\n\n\n\n

    \"Infographic:<\/figure>\n\n\n\n

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