Our purpose is empowering Canadians to use and control their own money and identity.
The foundation of Canada’s payment system.
Today someone will send money to a friend to split a bill, another will tap their debit card to purchase coffee, and a small business will accept a delivery online. Behind these everyday transactions is a complex network that helps Canadians stay in control of how they use their money.
Interac plays an important role in the payment network and products that Canadians use millions of times a day. Since 1984 we’ve worked with the country’s financial institutions to create the infrastructure, tools and governance that have helped make it simple and secure for Canadians to use their money anytime, anywhere in Canada.
In addition to modernizing our system with real-time payments we are applying our technology towards new innovations like digital identity. Together with businesses and government we are helping to shape a digital economy that works for all of us.
Helping to power your everyday life.
Interac is a gateway between your bank account and your transactions.
18.6M
Transactions each day with Interac products.
300+
Financial institutions connected.
#1
Most trusted financial company in Canada.*
A history of innovation.
Since 1984 we have been innovating for the benefit of all Canadians. Discover the story of Canadian payments through the story of Interac.
The Interac Payment Ecosystem
Behind the logo is a complex network that facilitates millions of financial transactions every day.
- The Network
- The Products and Services
- The Participants
The Network
Interac manages several networks that power a large share of Canada’s payments.
Inter Member Network makes it possible to access the money in your bank account through any ABM or point-of-sale terminal operated by a member of the network.
Interac e-Transfer network lets businesses and consumers easily send or request money from one bank account to another. We are working on exciting new ways to use this network where a smartphone can be used to scan a quick-reference code and transfer the money instantly via their bank account.**
The Products and Services
The Interac payment products and services Canadians are familiar with are built on top of these networks. Below are two of our primary products and their solutions.
Interac Debit is more than just a card. Whether you use your card, phone, smartwatch or e-Commerce checkout, there are so many ways to pay using Interac Debit.
Interac e-Transfer lets Canadians and businesses send and request money quickly. It makes it possible for two bank accounts to securely exchange information directly with each other. With Interac e-Transfer Canadians can even send money internationally.
The Participants
Over 300 financial institutions participate in our networks, working together to help give every Canadian control of their money.
Financial Institutions (Issuers). The one’s who maintain the withdrawal accounts (e.g. chequing, saving) Canadians use to access their money. They ‘issue’ the debit cards customers use to pay with their own money.
Payment Processors (Acquirers). They give merchants the tools (both hardware and software) to accept Interac Debit at point of sale. They ‘acquire’ funds from a cardholders account, facilitating moving the funds to a merchant account.
Settlement Agents. They approve the final transfer of funds from one account to another, ensuring everything follows Canadian payment rules and regulations. The Bank of Canada is the highest settlement agent in the country.
The Network
Interac manages several networks that power a large share of Canada’s payments.
Inter Member Network makes it possible to access the money in your bank account through any ABM or point-of-sale terminal operated by a member of the network.
Interac e-Transfer network lets businesses and consumers easily send or request money from one bank account to another. We are working on exciting new ways to use this network where a smartphone can be used to scan a quick-reference code and transfer the money instantly via their bank account.**
The Products and Services
The Interac payment products and services Canadians are familiar with are built on top of these networks. Below are two of our primary products and their solutions.
Interac Debit is more than just a card. Whether you use your card, phone, smartwatch or e-Commerce checkout, there are so many ways to pay using Interac Debit.
Interac e-Transfer lets Canadians and businesses send and request money quickly. It makes it possible for two bank accounts to securely exchange information directly with each other. With Interac e-Transfer Canadians can even send money internationally.
The Participants
Over 300 financial institutions participate in our networks, working together to help give every Canadian control of their money.
Financial Institutions (Issuers). The one’s who maintain the withdrawal accounts (e.g. chequing, saving) Canadians use to access their money. They ‘issue’ the debit cards customers use to pay with their own money.
Payment Processors (Acquirers). They give merchants the tools (both hardware and software) to accept Interac Debit at point of sale. They ‘acquire’ funds from a cardholders account, facilitating moving the funds to a merchant account.
Settlement Agents. They approve the final transfer of funds from one account to another, ensuring everything follows Canadian payment rules and regulations. The Bank of Canada is the highest settlement agent in the country.
Moving the digital economy forward in Canada
Learn how Interac is working to provide Canadians with control over their digital identity and enable trusted and secure digital services.
*Per the 2022 Gustavson Trust Index: https://www.uvic.ca/gustavson/brandtrust/assets/docs/final–gbti-2022-main-report.pdf
