TORONTO, February 22, 2016 \u2013<\/strong> Coinciding with the Mobile World Congress 2016, Interac Association\/Acxsys Corporation (\u201cInterac\u201d) has introduced enhanced innovative capabilities that are setting the standard for secure debit payments and accelerating the growth of digital payments in Canada.<\/p>\n A key development is the Interac<\/em> Token Service Provider (TSP), which is among the first for a domestic debit network globally. This proprietary token generation and management service enables financial institutions, merchants and our partners to innovate, build and manage secure digital payment experiences.<\/p>\n \u201cThe Interac<\/em> TSP is core to our digital strategy and solidifies our position as a driver of innovation and champion of secure debit payments,\u201d said Mark O\u2019Connell, President and CEO, Interac Association and Acxsys Corporation. \u201cIt offers the security and customization that our consumers and clients demand with the capability for tokenized digital debit transactions on any device or mobile wallet that supports it.\u201d<\/p>\n \u201cExtending our strong value proposition to digital payments is a given,\u201d said Avinash Chidambaram, Vice President, Product and Platform Development, Interac Association and Acxsys Corporation. \u201cCanadian consumers use us more than any other payment brand and acceptance is nearly ubiquitous at merchants from coast to coast because of the benefits we provide to them.\u201d<\/p>\n The Interac<\/em> TSP was developed in collaboration with IBM, a world leader in mobile and cloud computing, Bell ID, a global provider of tokenization software for mobile payments, and Everlink, a provider of comprehensive, innovative and integrated payment solutions and services. Leveraging this suite of innovative solutions, the Interac<\/em> TSP is capable of supporting financial institutions and mobile technology providers with secure digital products at scale.<\/p>\n \u201cCanadian consumers have always been eager to adopt new mobile technologies, and we see a very strong interest for mobile wallets,\u201d said Alon Kronenberg, an IBM executive specializing in mobile technologies. \u201cThe Interac<\/em> TSP, underpinned by IBM\u2019s secure cloud infrastructure and implementation services, is a key building block to enable financial institutions to more easily offer mobile wallet capabilities to their clients. We are enthusiastic about the impact tokenization solutions, such as this collaboration with Interac and Bell ID, will have to drive wide adoption of secure digital payments, not just in Canada but around the world.\u201d<\/p>\n \u201cBell ID is excited to partner with Interac and contribute further to the advancement of mobile payments in Canada,\u201d commented David Orme, CEO, Bell ID. \u201cWe have a long history in enabling Canadian card and mobile payments and Interac can now support the market with secure tokenization services for a wide array of mobile payment deployment options.\u201d<\/p>\n \u201cEverlink is proud to partner with Interac in the provision of secure tokenization gateway services, enabling mobile debit payments in Canada,” said Mark Ripplinger, President and CEO, Everlink Payment Services.<\/p>\n Interac, a member of the FinTech Cluster at MaRS Discovery District, is shaping the future of digital debit payments in Canada. This Interac<\/em> TSP development follows another innovation milestone for the Interac<\/em> product suite: the extension of the Interac<\/em> e-Transfer platform to include bulk disbursement service. This enhanced service gives commercial banking customers a fast, streamlined, secure, and cost-effective digital alternative to cheques and prepaid card disbursements, without the need to collect personal financial bank account information.<\/p>\n Interac is a unique and trusted Canadian entity with a rich understanding of our payments landscape and its players. Interac<\/em> products are specifically designed to meet the needs of Canadians and their growing demand for increased innovation, improved user experiences, and greater convenience. Security is foundational for these solutions, with Interac having a global leading track record at payment fraud mitigation across its product suite. \u201cHaving our own TSP is a natural evolution of our strong security value proposition,\u201d said Chidambaram. \u201cAs the digital landscape evolves and grows, we will continue to transform our payment solutions to ensure consumers and merchants can continue relying on Interac<\/em> products now \u2013 and well into the future.\u201d<\/p>\n Key features and benefits include:<\/p>\n Interac is Canada\u2019s 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 13 million times daily to pay and exchange money. Interac<\/em> products and services securely connect people to their money at the ABM through Interac<\/em> Cash, at retailers across Canada through Interac<\/em> Debit and the US, and online through web based services \u2013 Interac<\/em> Online for online purchases, Interac<\/em> e-Transfer for person-to-person payments, and Interac<\/em> e-Transfer bulk disbursement for commercial payments. In addition, Interac<\/em> Flash, the secure contactless enhancement of Interac<\/em> 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.<\/p>\n","protected":false},"excerpt":{"rendered":" TORONTO, February 22, 2016 \u2013 Coinciding with the Mobile World Congress 2016, Interac Association\/Acxsys Corporation (\u201cInterac\u201d) has introduced enhanced innovative capabilities that are setting the standard for secure debit payments and accelerating the growth of digital payments in Canada. A key development is the\u00a0Interac<\/i>\u00a0Token Service Provider (TSP), which is among the first for a domestic debit network globally. This proprietary token generation and management service enables financial institutions, merchants and our partners to innovate, build and manage secure digital payment experiences. [Read more]<\/p>\n","protected":false},"author":1,"featured_media":78670,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"content-tags":[952,279,272,283],"content-category":[193],"spokespeople":[],"in_the_know_post_format":[173],"class_list":["post-74211","content","type-content","status-publish","format-standard","has-post-thumbnail","hentry","content-tags-enterprise-and-government","content-tags-interac-debit","content-tags-interac-e-transfer","content-tags-payments","content-category-news","in_the_know_post_format-press-release"],"acf":[],"yoast_head":"\n
\nThe concept of substituting consumers\u2019 financial information with a \u201ctoken\u201d has been integral to the security of Interac<\/em> products. For example, Interac<\/em> debit cards feature an identifier (not an account number) on the front of the cards, Interac<\/em> Online uses a one time identifier to complete a transaction, and the Interac<\/em> e-Transfer service requires only an email or a mobile phone number to send money \u2013 no account information is shared between senders and recipients.<\/p>\nAbout the Interac<\/em> TSP<\/strong><\/h4>\n
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About Interac Association and Acxsys Corporation<\/strong><\/h4>\n