The Interac Inter-Member Network (IMN) was designated as a Prominent Payment System (PPS) by the Bank of Canada (BOC) effective October 16th, 2023. This designation, made under the Payment Clearing and Settlement Act, reflects the integral role that Interac Debit and contactless solutions play in the lives of Canadians and the Canadian economy.
The designation applies to Interac Debit, Interac Debit Contactless Payments, Interac Mobile Debit and Interac Token Service Provider. As a PPS, these products will fall under the oversight of the Bank of Canada and its defined risk management standards.
In 2020, the Interac e-Transfer service was also designated a PPS by the BOC. Like this new designation, the Interac e-Transfer PPS designation acknowledged the growth and critical nature of the Interac e-Transfer service.
Interac recognizes the important role that regulatory oversight plays in the health of our financial ecosystem and is committed to meeting its compliance requirements. At the same time, Interac is also focused on enhancing and maturing risk management capabilities, operational efficiency and resilience across our network.
Consistently ranked as the financial services brand that Canadians trust most, Interac provides secure and accessible ways for Canadians to transact, with 24/7/365 availability across products and platforms. Nearly 300 financial institutions are connected to our network and Canadians choose Interac products over 20 million times a day on average to exchange money.
As we move forward with this new PPS designation, Interac will continue to empower Canadian consumers and businesses to stay in charge of their money and support economic activity across Canada.
For further information:
Media Contact:
Interac Corp.
media@interac.ca
