Interac Token Service Provider
Coinciding with the Mobile World Congress 2016, Interac Association/Acxsys Corporation (â€œInteracâ€) has introduced 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.
â€œThe Interac TSP is core to our digital strategy and solidifies our position as a driver of innovation and champion of secure debit payments,â€ said Mark Oâ€™Connell, President and CEO, Interac Association and Acxsys Corporation. â€œIt offers the security and customization that our consumers and clients demand with the capability for tokenized digital debit transactions on any device or mobile wallet that supports it.â€
â€œExtending our strong value proposition to digital payments is a given,â€ said Avinash Chidambaram, Vice President, Product and Platform Development, Interac Association and Acxsys Corporation. â€œCanadian consumers use us more than any other payment brand and acceptance is nearly ubiquitous at merchants from coast to coast because of the benefits we provide to them.â€
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.
â€œCanadian consumers have always been eager to adopt new mobile technologies, and we see a very strong interest for mobile wallets,â€ said Alon Kronenberg, an IBM executive specializing in mobile technologies. â€œThe Interac TSP, underpinned by IBMâ€™s secure cloud infrastructure and implementation services, is a key building block to enable financial institutions to more easily offer mobile wallet capabilities to their clients. We are enthusiastic about the impact tokenization solutions, such as this collaboration with Interac and Bell ID, will have to drive wide adoption of secure digital payments, not just in Canada but around the world.â€
â€œBell ID is excited to partner with Interac and contribute further to the advancement of mobile payments in Canada,â€ commented David Orme, CEO, Bell ID. â€œWe have a long history in enabling Canadian card and mobile payments and Interac can now support the market with secure tokenization services for a wide array of mobile payment deployment options.â€
â€œEverlink is proud to partner with Interac in the provision of secure tokenization gateway services, enabling mobile debit payments in Canada,” said Mark Ripplinger, President and CEO, Everlink Payment Services.
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-TransferÂ® 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 consumersâ€™ financial information with a â€œtokenâ€ 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 â€“ no account information is shared between senders and recipients.
â€œHaving our own TSP is a natural evolution of our strong security value proposition,â€ said Chidambaram.
â€œAs the digital landscape evolves and grows, we will continue to transform our payment solutions to ensure consumers and merchants can continue relying on Interac products now â€“ and well into the future.â€