Interac Corp. is Canada’s premier payment network, giving its customers more access and control over their own money and personal information. Since its founding in 1984, the firm has developed the infrastructure, tools, and governance necessary to ensure the safe and convenient use of Canadians’ money throughout the country at any time. Interac Corp. is the backbone of Canada’s payment system, processing approximately $18.6 million in daily transactions and linking 300+ financial institutions.
As Canada emerges from the pandemic, Interac’s President and CEO, Mark O’Connell, believes that there is a need for further collaboration between the private sector and government to build a robust digital economy. Let’s explore Interac’s history and current role in the Canadian payment system and examine the company’s efforts to modernize the payment experience and innovate with digital identity. At the same time, it highlights O’Connell’s vision for building a trusted and standards-based ecosystem that benefits all Canadians and businesses.
Transforming the Way We Pay
Real-time payments and the introduction of Interac e-Transfer for Business are two examples of how Interac Corp. has been trying to improve the payment process in Canada. The firm is also developing the Real-Time Rail (RTR), which will hasten the implementation of open banking in Canada. With open banking, businesses have broader access to customers’ financial data, allowing them to create new, flexible products and services. Canada has the potential to become a global leader in this field, according to Interac Corp.
Creating a Trusted and Standards-Based Ecosystem
To create the right conditions for a digital-first, data-driven Canadian economy, Interac Corp. believes that Canada needs to first create a consistent, trusted, and standards-based ecosystem for our digital economy. This will make more competition and choices possible, to the benefit of Canadians and businesses alike. Interac Corp. believes that building an ecosystem that works starts with correcting the perception that Canada is already far behind or doesn’t have the tools in place to bring new ideas to life.
Trusted Digital ID: The Foundation of Secure, Convenient, and Inclusive Participation
With Canadians already adopting digital payments, Interac Corp. believes digital ID will play a major part in how people complete their digital transactions and access other services seamlessly. A trusted digital ID will be the foundation for secure, convenient, and inclusive participation in the digital economy. It will underpin not only how Canadians make payments but also how they access government services and conduct business online and in person moving forward. Interac Corp. believes that it has the capabilities to enable a national digital ID trust network, integrating not only Interac’s service offerings but those with other businesses and government.
Interac Corp. is playing an important role in the payment network and products that Canadians use millions of times a day. With a focus on modernizing Canada’s payment experience, creating a trusted and standards-based ecosystem, and creating a trusted digital ID, Interac Corp. is helping to shape a digital economy that works for all Canadians. As Canada emerges from the COVID-19 pandemic, Interac Corp. believes that there is a need for further private sector and government collaboration in building Canada’s digital economy. The company believes that by working together, Canada can lead the world in this area.
Want to know more about Interac Corp.’s payment solutions? Log onto their official website at https://www.interac.ca/en/.
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