{"id":74121,"date":"2018-02-05T15:44:00","date_gmt":"2018-02-05T15:44:00","guid":{"rendered":"https:\/\/interac1.wpengine.com\/content\/%content-category%\/interac-association-and-acxsys-corporation-join-to-form-interac-corp\/"},"modified":"2025-05-30T13:45:49","modified_gmt":"2025-05-30T17:45:49","slug":"interac-association-and-acxsys-corporation-join-to-form-interac-corp","status":"publish","type":"content","link":"https:\/\/www.interac.ca\/en\/content\/news\/interac-association-and-acxsys-corporation-join-to-form-interac-corp\/","title":{"rendered":"Interac Association and Acxsys Corporation join to form Interac Corp."},"content":{"rendered":"<p><strong>TORONTO, February 5, 2018\u00a0\u2013<\/strong> Interac Association and Acxsys Corporation announced that they have completed a reorganization of their corporate structure resulting in an amalgamated entity called Interac Corp. Operating as a single corporate entity will give Interac Corp. the ability to better fund innovation and leverage resources, while at the same time reducing certain business, operating and legal complexities.<\/p>\n<p>\u201cThis is an important milestone for Interac and a critical step in our continued success as one of Canada\u2019s leading, economical payments providers,\u201d says Mark O\u2019Connell, President and CEO of Interac Corp. \u201cOur new corporate structure will allow us to better invest in our innovation pipeline and potential, while continuing to provide the essential payment services that millions of Canadians, thousands of businesses and hundreds of financial institutions rely on every day.\u201d<\/p>\n<p>Historically, there have been two providers of different\u00a0<em>Interac<\/em>-branded products and services, Interac Association and Acxsys Corporation. Interac Corp. brings all these products and services together into one company with a single Board of Directors comprised of the CEO, four independent directors and eight directors nominated by financial institution shareholders.<\/p>\n<p>A highly competitive and rapidly-changing payments space drives the need for Interac to change its corporate structure. New and existing players and the growth of fintech are contributing to a thriving digital economy. New mobile and digital payments are demanding rapid technology changes and ongoing modernization efforts by government are further changing the landscape.<\/p>\n<p>\u201cIt\u2019s a big moment for us at Interac \u2013 in our history and for our future\u201d says O\u2019Connell. \u201cI\u2019m proud of how the industry, from our members, shareholders, regulators and stakeholders, have supported the change. I\u2019m confident that this change will further innovation that ultimately help move Canada\u2019s digital economy forward.\u201d<\/p>\n<p>Interac Corp. will continue its commitment as an economical payment acceptance option for merchants and consumers and an alternative to the global credit card schemes. Most importantly, Interac Corp. will be well-poised to meet Canadian consumers\u2019 growing expectations to move their money, pay and be paid anywhere, anytime and however they want.<\/p>\n<p>\u201cOur innovations \u2013 including\u00a0<em>Interac<\/em>\u00a0e-Transfer and enabling mobile wallets for example \u2013 and our track record prove that we are a Canadian-made force in today\u2019s modern digital economy,\u201d says O\u2019Connell. \u201cOur company will no longer be constrained by a complex organizational structure, which means we can be more flexible, nimble and timely in how we invest in our products, partnerships and people.\u201d<\/p>\n<p>Over the past several years, Interac and its shareholders have invested heavily in leading capabilities in the contactless, mobile and digital payments space. Interac was among the first domestic networks in the world to enable mobile payment solutions. The\u00a0<em>Interac<\/em>\u00a0e-Transfer platform was enhanced with new features that help Canadians send, request and receive their money quickly and conveniently. Interac Corp. will be better positioned to invest to stay at the forefront of payments technology trends under the new company structure.<\/p>\n<h4><strong>About Interac Corp.<\/strong><\/h4>\n<p>As of February 2018, Interac Corp. continues the businesses formerly carried on by Interac Association and Acxsys Corporation, operating an economical, world-class debit payments system with broad-based acceptance, reliability, security, and efficiency. The organization is one of Canada&#8217;s leading payments brands and is chosen an average of 16 million times daily to pay and exchange money. For more than 30 years, Interac Corp. and its predecessors have facilitated secure financial transactions through the development of innovative and convenient debit and money transfer solutions. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Visit\u00a0<a href=\"https:\/\/www.interac.ca\/en\/\" target=\"_blank\" rel=\"noopener\">interac.ca<\/a>\u00a0or follow\u00a0<a href=\"https:\/\/twitter.com\/INTERAC\" target=\"_blank\" rel=\"noopener\">@INTERAC<\/a>\u00a0on Twitter. Interac Corp. has a diverse group of shareholders that includes banks, credit unions, caisses populaires, payment processors and merchants.<\/p>\n<h4><strong>About Interac Association<\/strong><\/h4>\n<p>In January 2018, Interac Association was dissolved and its former business was joined with that of Acxsys Corporation under a single company called Interac Corp.<\/p>\n<p>Interac Association was established in 1984 as a cooperative venture among Canada\u2019s major financial institutions. A single national shared network was created to give Canadians broader access to their cash from ABMs across Canada through the<span style=\"text-decoration: underline;\"><em> Interac<\/em><\/span> Cash service. <em>Interac<\/em> Debit, Canada\u2019s first national debit card service for purchases at the point-of-sale, was launched in 1994. This service was later expanded to include\u00a0<em>Interac<\/em>\u00a0Flash, a secure contactless enhancement that allows Canadians to pay for items instantly by holding their cards at point-of-sale readers that support\u00a0<em>Interac<\/em>\u00a0Flash.<\/p>\n<h4><strong>About Acxsys Corporation<\/strong><\/h4>\n<p>In January 2018, Acxsys Corporation was amalgamated to form Interac Corp. and its former business was continued, together with the former business of Interac Association, by Interac Corp.<\/p>\n<p>In 1996, eight financial institutions who architected the <em>Interac<\/em> network created Acxsys Corporation to develop new business partnerships and services. Acxsys specialized in the development, operation and management of payment and other ancillary service opportunities, consulting and management services needed to operate Interac Association at cost. It then expanded its business to offer\u00a0<em>Interac<\/em>\u00a0e-Transfer for the transfer of money from one person&#8217;s banking account to another,\u00a0<em>Interac<\/em>\u00a0Online for secure online payments made directly from a banking account, mobile payments solutions, and international services which provide Canadian cardholders with point-of-sale access at roughly 2 million U.S. retailers, and ABM access for cash withdrawals to foreign cardholders in Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Toronto, Ontario (February 5, 2018)\u00a0\u2013 Interac Association and Acxsys Corporation announced that they have completed a reorganization of their corporate structure resulting in an amalgamated entity called Interac Corp. Operating as a single corporate entity will give Interac Corp. the ability to better fund innovation and leverage resources, while at the same time reducing certain business, operating and legal complexities. [Read more]<\/p>\n","protected":false},"author":1,"featured_media":78670,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"content-tags":[952],"content-category":[193],"spokespeople":[],"in_the_know_post_format":[173],"class_list":["post-74121","content","type-content","status-publish","format-standard","has-post-thumbnail","hentry","content-tags-enterprise-and-government","content-category-news","in_the_know_post_format-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Interac Association + Acxsys Corp Join to Form Interac Corp.<\/title>\n<meta name=\"description\" content=\"Interac Association and Acxsys Corporation will now operate as a single corporate entity to better fund innovation and move Canada\u2019s digital economy forward.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interac.ca\/en\/content\/news\/interac-association-and-acxsys-corporation-join-to-form-interac-corp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interac Association and Acxsys Corporation join to form Interac Corp.\" \/>\n<meta property=\"og:description\" content=\"Toronto, Ontario (February 5, 2018)\u00a0\u2013 Interac Association and Acxsys Corporation announced that they have completed a reorganization of their corporate structure resulting in an amalgamated entity called Interac Corp. 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