Interac introduces Token service for domestic debit network in Canada

InteracCoinciding with the MWC 2016, Canada-based Interac Association/Acxsys Corporation has introduced 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 is core to our digital strategy and solidifies our position as a driver of innovation and champion of secure debit payments,” said Mark O’Connell, President and CEO, Interac Association and Acxsys Corporation. “It 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.”

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.

“Canadian consumers have always been eager to adopt new mobile technologies, and we see a very strong interest for mobile wallets,” said Alon Kronenberg, an IBM executive specializing in mobile technologies. “The Interac TSP, underpinned by IBM’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.”

The company say that the 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.

“Having our own TSP is a natural evolution of our strong security value proposition,” said Avinash Chidambaram, Vice President, Product and Platform Development, Interac Association and Acxsys Corporation. “As 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 – and well into the future.”

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Categories: Tokenization

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