Sister organizations Interac, Acxsys merge to create Interac Corp.
Interac Association and Acxsys Corp. have completed the reorganization of their corporate structure into an amalgamated entity, Interac Corp.
"This is an important milestone for Interac and a critical step in our continued success as one of Canada's leading, economical payments providers," Interac Corp. President and CEO Mark O'Connell said in the release. "Our new corporate structure will allow us to better invest in our innovation pipeline and potential, while continuing to provide the essential payment services that millions of Canadians, thousands of businesses and hundreds of financial institutions rely on every day."
Historically, two different entities — Interac Association and Acxsys Corp. — have provided Interac-branded products. Interac Corp. brings all these products and services together into one company with a single board of directors.
"It's a big moment for us at Interac — in our history and for our future," O'Connell said. "I'm confident that this change will further innovations that ultimately help move Canada's digital economy forward. … Our company will no longer be constrained by a complex organizational structure, which means we can be more flexible, nimble and timely in how we invest in our products, partnerships and people."
Interac Corp. will continue its commitment as a payment acceptance option for merchants and consumers and an alternative to the global credit card schemes.
Interac Association was established in 1984 by Canada's major financial institutions to give Canadians broader access to cash from ATMs across Canada through Interac Cash. Interac Debit for purchases at the point-of-sale, was launched in 1994.
In 1996, the FIs formed Acxsys Corp. to develop new business partnerships and services aimed at allowing Interac Association to operate at cost. Acxsys has introduced Interac e-Transfer, Interac Online, mobile payments solutions, and ATM access for cash withdrawals by foreign cardholders in Canada.