Interac is a Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions . Interac serves as the Canadian debit card system and the predominant funds transfer network via its e-Transfer service. There are over 59,000 automated teller machines that can be accessed through the Interac network in Canada, and over 450,000 merchant locations accepting Interac debit payments. [ citation needed ]
The network was launched in 1984 through the nonprofit Interac Association , a cooperative venture between five financial institutions : RBC , CIBC , Scotiabank , TD , and Desjardins ; by 2010, there were over 80 member organizations. The group founded a for-profit counterpart organization, Acxsys, in 1996, which launched additional Interac-branded services including e-transfers . Following several aborted merger attempts which were either blocked by the Competition Bureau or by some of the co-owners betwee
In 2019, Interac Corporation acquired 2Keys Corporation, Ottawa-based digital identity and cyber security for governments, financial institutions and commercial clients . [3] [4]