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,…
The MaRS Discovery District has formed a new strategic partnership with Interac and Acxsys, the organizations behind Interac, Canada’s leading payment brand.
The new Code of Conduct for the Credit and Debit Card Industry in Canada says merchants cannot be forced to accept credit card companies’ debit products, often with higher acceptance costs, if they accept the credit offerings. Also, merchants have the ability to steer customers to lower costs options, like Interac Debit, through discounting.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Angela Brown, President and Chief Executive Officer of Moneris Solutions.
Bluefin Payment Systems and Small Business Workbench have teamed to provide Bluefin’s PayConex and QuickSwipe PCI-validated Point-to-Point Encryption (P2PE) solutions to Small Business Workbench® clients.
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Angela Brown, Chief Executive Officer, Moneris Solutions.
Moneris Solutions Corporation, releases PAYD PRO™, the first and only smartphone-based mobile point-of-sale (“mPOS”) solution in Canada to accept both Interac Debit and credit card payments. PAYD PRO is also the first mPOS product to include EMV® Chip & PIN and contactless payment technology. This revolutionary solution allows merchants to process payments securely, anywhere they do business.
Interac Association reported that Interac debit card fraud losses as a result of skimming are at a record low – decreasing to $29.5 million in 2013 from a high of $142 million in 2009.
Only 25% of losses in 2013, or $7.3 million , are the result of fraud exploitation. Total losses in 2013 represent 0.0093% of domestic Interac debit card volume (0.93 basis points) and the lowest volume of recorded fraud losses. As a result of this significant decline in fraud exploitation, the number of cardholders reimbursed by financial institutions fell to 72,200 in 2013 from 238,000 in 2009. Cardholders are protected from losses under the Interac Zero Liability Policy*. Criminals are increasingly migrating their payment card fraud activity to international exploitation in non-chip environments and card-not-present exploitation on credit cards and other networks’ debit products. Interac rules offer account holders the added protections of not allowing card-not-present, offline and signature transactions. Chip technology enables advancements like Interac Flash®, which is currently being rolled out across the country.
Interac Association, which operates the Interac network, Canada’s largest debit payment network, had a banner year in 2013 processing more than 4.5 billion transactions. Last year also saw continued strong growth of Interac Flash, a secure contactless enhancement of Interac Debit allowing Canadians to pay for items instantly with their Interac chip debit card at a reader that supports Interac Flash. Interac Association also reported that skimming fraud on its debit card transactions dropped to its lowest level in fourteen years. The Interac network enables Canadians to access their money through Interac Cash at 60,000 Automated Banking Machines and Interac Debit at 766,000 point-of-sale terminals across Canada.
The Western Union Company global payments and Acxsys Corporation debit payments services announced an agreement to offer Western Union domestic and international money transfer services to financial institutions in Canada offering the Interac e-Transfer service. The agreement paves the way for expanded access to money transfers for Canadian customers via the enhanced Interac e-Transfer service and Western Union system. Previously, the Interac e-Transfer service permitted account-to-account transfers only within Canada. The agreement will expand the Interac e-Transfer service by giving banking customers the ability to send and receive money transfers directly through their online and mobile bank accounts, with funds accessible for pay out at more than 485,000 Western Union® Agent locations in more than 200 countries and territories.
BMO Bank of Montreal has Joined Acxsys Corporation’s International Card ABM Acquiring Service, allowing Unionpay, Diners Club International, Discover Card and PULSE cardholders to withdraw money from its more than 2,000 ATMs across Canada. This ultimately strengthens bank’s relationship with Diners Club International family by accepting the cards of other Diners Club franchises; provides BMO’s customers living in China access to their bank accounts while visiting Canada; and augments BMO’s “Newcomers to Canada” program, to help make newcomers’ transition to Canada smoother.
Scotiabank and RBC are set to add “Interac Flash” contactless enhancement to its Interac Debit payment option for their customers’ bank cards in summer 2011. With “Interac Flash,” users can pay for smaller value items by ‘flashing’ an Interac chip debit card at a reader that supports Interac Flash, rather than inserting the card and entering a PIN. This increased speed also helps merchants improve customer throughput at point-of-sale by spending less time processing payments, particularly handling cash. This targets the consumers paying an estimated $90 billion in cash payments for purchases under $20 annually.