Interac Association, Acxsys Corporation form together Interac Corp.

Interac Corp. will better fund innovation and leverage resources, while at the same time reducing certain business, operating and legal complexities. Historically, there have been two providers of different INTERAC-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.

A highly competitive and rapidly-changing payments space drives Interacs need 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.

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. Interac Corp. will also be well-poised to meet Canadian consumers growing expectations to move their money, pay and be paid anywhere, anytime and however they want.

Interac was among the first domestic networks in the world to enable mobile payment solutions. The INTERAC e-Transfer platform was enhanced with new features that help Canadians send, request and receive their money quickly and conveniently.