Interac/Acxsys has unveiled enhanced innovative capabilities that are setting the standard for secure debit payments and accelerating the growth of digital payments in Canada.
A key development is the Interac Token Service Provider (TSP), which is among the first for a domestic debit network globally. This proprietary token generation and management service enables financial institutions, merchants and our partners to innovate, build and manage secure digital payment experiences.
The Interac TSP was developed in collaboration with IBM, a world leader in mobile and cloud computing, Bell ID, a global provider of tokenization software for mobile payments, and Everlink, a provider of comprehensive, innovative and integrated payment solutions and services. Leveraging this suite of innovative solutions, the Interac TSP is capable of supporting financial institutions and mobile technology providers with secure digital products at scale.
Interac, a member of the FinTech Cluster at MaRS Discovery District, is shaping the future of digital debit payments in Canada. This Interac TSP development follows another innovation milestone for the Interac product suite: the extension of the Interac e-Transfer® platform to include bulk disbursement service. This enhanced service gives commercial banking customers a fast, streamlined, secure, and cost-effective digital alternative to cheques and prepaid card disbursements, without the need to collect personal financial bank account information.
Interac is a unique and trusted Canadian entity with a rich understanding of our payments landscape and its players. Interac products are specifically designed to meet the needs of Canadians and their growing demand for increased innovation, improved user experiences, and greater convenience. Security is foundational for these solutions, with Interac having a global leading track record at payment fraud mitigation across its product suite.
The concept of substituting consumers’ financial information with a “token” has been integral to the security of Interac products.
For example, Interac debit cards feature an identifier (not an account number) on the front of the cards, Interac Online uses a one time identifier to complete a transaction, and the Interac e-Transfer service requires only an email or a mobile phone number to send money – no account information is shared between senders and recipients.
TSP key features and benefits include:
• Security features that align with global mobile industry standards. Tokenization substitutes consumer’s financial information with a secure token, which consists of a unique, randomly generated sequence of numbers. This token, which is meaningless to unauthorized parties, can only be used on the consumer’s mobile device.
• Freedom for consumers to make purchases whenever, wherever and however they want. The Interac TSP represents an ‘open’ mobile debit payment solution with device-agnostic technology that can be implemented on any mobile device that supports it.
• Seamless integration with payment partners. Financial institutions, mobile technology providers and merchants can use the Interac TSP to innovate, build and manage secure digital payment experiences. The platform is built to scale and allows for continued innovation.
• A trusted payment choice for all stakeholders within the payments chain. Transactions through the Interac TSP use the existing functionality and security of Interac Flash contactless debit technology. It offers strong consumer protections such as protective passcode verification and zero customer liability. Merchants benefit from real-time transactions: payment is received immediately and chargebacks never occur. It is also one of the lowest-cost payment acceptance options for merchants.
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