Interac Corp.

Interac Corp. in Canada's new real-time payments system

Client

Interac Corp.

Value

-

Service

Commercial Technology Transactions

Date Closed

March 2021

Industry

Fintech

Lead Office

Toronto

 

On March 2, 2021, Interac Corp. announced its role as the exchange solution provider for Canada's new real-time payments system, the Real-Time Rail (RTR). Interac has been selected by Payments Canada to design, build, and operate the technology platform and infrastructure underlying the RTR, leveraging the technology behind the Interac e-Transfer service. The RTR is a fundamental part of Payments Canada’s program to modernize Canada’s outdated payments infrastructure, transforming the infrastructure, rules and standards that underpin payments in Canada into an “always-on”, data-rich infrastructure for consumer and business payments that will enable sending and receiving money securely and in real-time. This project is critical to enabling Canada to stay competitive internationally.

Interac Corp. is Canadian company that operates economical, world-class payment and value exchange systems rooted in security, reliability, and efficiency. With nearly 300 financial institutions connected to its network, Interac empowers Canadians to transact digitally with confidence. Canadians choose Interac products an average of 18 million times a day to pay and exchange money.

Osler, Hoskin & Harcourt advised Interac Corp. alongside co-counsel Amy-Lynne Williams, of Deeth Williams Wall, with a team consisting of Wendy Gross, Sam Ip, Matthew Wanford, Erin Rubin, Parker Elliot, Alex Hodgson, Zain Hemani (Technology), Richard Borins (Financial Services), James Brown and Jesany Michel (Corporate).