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Interac is a Canadian payments and identity network that connects nearly 300 financial institutions to enable safe, digital payments and money transfers. It operates a payments network that links banks to support transactions like payments and person-to-person transfers, as well as identity-related experiences, so Canadians can access, spend and send funds quickly and securely from anywhere. What sets Interac apart is its large, trusted nationwide network and strong emphasis on interoperability, security, privacy, and inclusivity, along with a high everyday usage average (about 18 million Interac experiences per day). The company’s goal is to make payments and identity services more accessible and reliable for Canadians while maintaining security and privacy, and continuing to broaden financial inclusion.
Industries
Fintech
Financial Services
Company Size
501-1,000
Company Stage
N/A
Total Funding
N/A
Headquarters
Toronto, Canada
Founded
1984
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Canada announces investments in music and live music venues. The Canadian government and a private partnership have both announced funding initiatives aimed at supporting the country's music industry. June 8, 2026 Federal funding and streaming regulations. The Canadian government announced a $600 million investment package for the country's audio and audiovisual sectors. This announcement coincided with a directive to the Canadian Radio-television and Telecommunications Commission (CRTC) to review its recent decision regarding streaming services' contributions to Canadian content. The government's action will replace anticipated funding from streaming services with direct public funding. Organizations including FACTOR, Musicaction, the Canadian Starmaker Fund, Fonds RadioStar, the Community Radio Fund of Canada, and the Indigenous Music Office are expected to continue receiving support under the new framework. Venue support program launched. Interac and Billboard Canada have launched a venue-support program associated with the NXNE festival. One participating venue will receive a $10,000 marketing package based on Interac debit transaction activity during the festival. The program aims to highlight small businesses vital to Canada's live music sector and assist a venue in attracting new audiences and fostering growth. Venues can participate by completing an application form and submitting a report detailing the total number of Interac Debit transactions processed between June 10-14, 2026, by noon on June 15, 2026. All submitted data must be anonymized and should not contain any personally identifiable information. The venue with the highest number of transactions will be selected, regardless of transaction value. Further details regarding participation terms and conditions are available. The announcement comes at a time when global recorded music revenues grow 6.4%. This is a developing story, and InterSpace Music Group will continue to provide updates as they become available. As the music industry continues to evolve, initiatives like these are crucial. Increased visibility from 'off campus' series drives music sync growth. Canada announces increased investment in music sector. June 8, 2026
Interac and Kijiji have partnered to integrate Interac Verified solutions into the Canadian peer-to-peer marketplace, allowing users to verify their identity before messaging, posting listings or making purchases. The integration aims to establish a new trust standard for peer-to-peer commerce in Canada. Kijiji users at participating financial institutions can now verify their identity through Interac verification service. Later this year, a second option using document verification with liveness checks against government-issued ID will become available. Verified identity will complement existing trust signals like ratings and reviews. The collaboration leverages Interac's existing trust framework, which financial institutions and governments already use for identity verification. With more than four million live listings and over one million new listings monthly, Kijiji is one of Canada's most active peer-to-peer commerce platforms.
Interac appoints D'Arcy McDonald as Group Head, Product. Updated on March 27, 2026 | Published on February 2, 2026 Dynamic banking and payments executive to lead next phase of the Interac product roadmap TORONTO, February 2, 2026 - Interac Corp. (Interac) announced today the appointment of D'Arcy McDonald as Group Head, Product, effective immediately. Mr. McDonald will lead the evolution of the Interac product portfolio - advancing trusted, secure services such as Interac Debit, Interac e-Transfer and the Interac Verified suite of solutions, while developing and accelerating the growth of emerging products including KONEK. Together, these offerings power seamless digital transactions and verification experiences, supporting how Canadians pay and authenticate themselves more than 20 million times a day. "D'Arcy brings deep financial services expertise and a strong understanding of the vital role Interac plays in Canada's economy," said Jeremy Wilmot, President and CEO of Interac. "He is uniquely positioned to drive the next phase of our product strategy, bringing clarity, discipline and momentum to our product roadmap as we innovate to meet the evolving needs of consumers and organizations." Leveraging his track record as a forward-thinking Canadian banking executive, Mr. McDonald will guide the next wave of product innovation, while driving the adoption of core services and reinforcing Interac products as critical national payments and digital trust infrastructure. His service on the Interac Board of Directors from 2020 to 2025 provides an informed, enterprise-wide view of the organization's potential as he steps into this role. Mr. McDonald joins Interac from Scotiabank, where he most recently served as Senior Vice President, Ontario Region. Prior to that, he led the Retail Payments, Unsecured Lending, Credit Card, Investment and Deposit portfolios for Scotiabank. Earlier in his career, he held leadership roles at TD Bank focused on Savings & Investing, Cross Border and Digital Channel Integration. "Interac plays a meaningful role in the daily lives of Canadians, enabling millions to transact with confidence," said D'Arcy McDonald, Group Head, Product at Interac. "I am excited to help shape the next generation of Interac products - solutions that earn Canadians' trust, put their needs first and strengthen the digital infrastructure our country depends on." For more than 40 years, Interac has helped Canadians move money and information safely and securely. Mr. McDonald's appointment underscores the company's commitment to empowering Canadians in an evolving digital economy. About Interac Corp. Interac empowers Canadians to transact digitally with confidence by providing payment and value exchange services. In helping to develop the future of money movement in Canada, security is at the core of everything Interac Corp. do. Interac Corp. help keep Canadian customers safe and secure when transacting. With nearly 300 financial institutions connected to its network, Canadians choose Interac products over 20 million times a day on average to exchange money. Interac champions workplace culture, community, and corporate citizenship. Interac Corp. is proud to be one of Canada's leading and most trusted financial brands. For further information: Media contact: Interac Corp., 416-869-2017, [email protected]
Overview of MuchBetter Interact to top up your seamless and secure e-wallet. Sun Mar 01 2026 Enjoy one of the most widely known payment mechanisms in Canada, Interact, to transfer money to your e-wallet with seamless transactions. Move your money safe in the knowledge that your transactions are safe and secure in transit, with the ability to use utilise your funds via any of its multiple payment device options, from a virtual Mastercard(R) to its groundbreaking MuchBetter payment Ring. As a company MuchBetter Group is happy to work with Interact and have them on board to service Canada as they are widely know throughout of Canada as a stable and secure service utilised by millions. Features and Benefits Nationwide Send and receive funds using Interac from Canadian bank accounts. Customers pay directly from their online or mobile banking. Bank-level security with no card details shared. Funds are credited to your wallet or platform in minutes. Support multiple Interac pay-in and payout flows. Interac bridges Canadian bank accounts and digital wallets. How it works 1. Inbound Transfer (Bank | MuchBetter) Send funds to MuchBetter via Interac using your unique reference, and your e-wallet will be credited automatically once received. 2. Interac Requests (Email Transfer) Request a transfer to your registered Interac email, and once approved, your MuchBetter e-wallet will be funded instantly. 3. In-App Transfer Load funds to your MunchBetter e-wallet by completing your Interac payment directly in-app, and your balance will be updated in real time. Interac FAQ - What is Interac? Interac is Canada's leading bank-to-bank payment network, allowing you to send and receive money directly from your bank accounts using email, phone number or online banking authentication. - What can I use Interac for with MuchBetter? Interac can be used for both deposits (pay-ins) and withdrawals (payouts) between Canadian bank accounts and MuchBetter wallets. - Do I need a card to use Interac? No. Interac payments are made directly from your bank account using your existing online or mobile banking credentials. - How do Interac deposits work? Select Interac Deposit, approve the payment via your bank and funds are automatically credited to your MuchBetter wallet or platform balance. - How do Interac withdrawals work? Simply request a withdrawal and a confirmation request is sent via Interac e-Transfer to your registered email address or phone number, where you can accept the transfer into your bank. - Are Interac payments instant? Most Interac payments are processed within minutes, though timing may vary depending on the you rindividual bank. - Is Interac secure? Yes. Payments are completed within the secure Canadian banking network, with built-in authentication and protection monitoring. - Can I see Interac transactions in my MuchBetter app? Yes. All Interac deposits and withdrawals appear in your transaction history. - Are there fees for using Interac? No. MuchBetter does not charge a fee for Interac payments. Bank fees may vary. - Is Interac available outside Canada? No. Interac is designed specifically for Canadian bank accounts and is available nationwide within Canada.
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Industries
Fintech
Financial Services
Company Size
501-1,000
Company Stage
N/A
Total Funding
N/A
Headquarters
Toronto, Canada
Founded
1984
Find jobs on Simplify and start your career today