Interac selects Microsoft's solution for digital payments

Wednesday 1 December 2021 12:00 CET | News

Canada-based interbank method Interac has tapped Microsoft Azure for its cloud capabilities to securely manage the growth of digital transactions in Canada.

Interac states it has seen a surge in demand for its solutions and requires a trusted, reliable and secure cloud platform to support ongoing innovation and product development. During the pandemic the company processed almost one billion Interac e-Transfer transactions sent since the beginning of April 2020.

According to a report from Payments Canada, electronic payments accounted for approximately 79% of overall Canadian payment transactions in 2020 alone. Now, because of the COVID-19 pandemic, even more Canadian consumers and businesses are opting for digital methods of payment instead of cash or cheques.

By using Microsoft's cloud capabilities and security investments, Interac will further accelerate its transformation journey to include faster data-rich payments, increased scalability and resilience, improved security and fraud controls, redundancy, and new innovative services for business and individuals. Azure provides Interac with a hybrid model of public and on-premises private cloud that will enable the business to move faster and maintain its high reliability levels.

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Keywords: digital payments, Microsoft, money transfer, online payments, cloud services, partnership
Categories: Payments & Commerce
Countries: Canada
This article is part of category

Payments & Commerce