26-633: 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. The network
52-499: A local one, the rival Plus ATM network owned by Visa , or both. In countries such as India and Bangladesh, the Cirrus network also serves as a local interbank network as well as an international one. The first logo, advertised from 1982 until 1992, was then changed to match those representing the other subsidiaries of Mastercard, which acquired Cirrus in 1987. The only exception is the colour pattern change. This can also be noticed through
78-576: A number of ATM networks. Transfers between accounts is also possible by using these networks, even to an account in a different network; all one needs is the Bank code of the destination bank and the account number. There are many Electronic funds transfer interbank networks in Japan. Inter-network banking funds transfer is case-by-case. Yucho is the only network that accepts cards from worldwide networks such as Cirrus and PLUS . BancNet (also spelled Bancnet)
104-445: Is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belong to another member of the network. However, the functions which may be performed at the network ATM vary. For example, special services, such as the purchase of mobile phone airtime, may be available to own-bank but not to network ATM cardholders. Furthermore,
130-1130: Is a Philippine-based interbank network connecting the ATM networks of local and offshore banks, and the largest interbank network in the Philippines in terms of the number of member banks and annual transactions. BancNet is also the exclusive gateway of China's UnionPay, allowing access to the nearly 1 billion ATM cardholders from the People's Republic of China. BancNet is allied with global payment brand JCB International. Through this alliance, JCB cardholders can now do cash advances at participating BancNet member ATMs nationwide. Bancnet interconnects with international card networks Diners Club, Discover Card, KFTC, MasterCard, and VISA BancNet serves more than 41 million ATM cardholders of its 114 members and affiliates with over 12,000 ATMs and more than 5,000 POS terminals. In 2008, Expressnet outsourced its ATM operations to BancNet. On January 30, 2015, BancNet and MegaLink announced their merger and will retain itself as its brand. Multibanco
156-672: Is also a provider of mobile phone and Internet banking services through the TeleMultibanco and MBNet services, respectively. It is also the provider of the Via Verde electronic toll collection service. Launched under the brand name LankaPay in July 2013, the Common Card and Payment Switch (CCAPS) is the first phase of creating a more robust, efficient, and secure payment infrastructure for Sri Lanka. The Central Bank of Sri Lanka has since approved
182-403: Is encrypted and verified at a central server, rather than being stored on the card itself. Because of this, it is significantly more secure than traditional signature or card-based transactions. Despite these security features, there are ongoing fraud concerns, particularly when debit cards are duped or skimmed — a compromised automated teller machine or point-of-sale terminal will record
208-501: Is offered by CertaPay. It allows online banking customers to send money to anyone with an e-mail address or a cellphone number and a bank account in Canada. Prior to February 2018, this was an Interac-branded service operated by Acxsys Corporation . Interac e-Transfer service is designated as a prominent payment system and is subject to oversight by the Bank of Canada. The Interac Online service allows customers to pay for goods and services over
234-451: Is the organization responsible for the development of a national network of two shared electronic financial services: Interac Direct Payment (IDP) is Canada's national debit card service for purchasing of goods and services. In 1990 Interac launched a new pilot called Interac Direct Payments. Customers enter their personal identification number (PIN) and the amount paid is deducted from either their chequing or savings accounts. As of 2001,
260-594: Is the single unified interbank network in Portugal, that links the ATMs of all Portuguese banks. This network has existed since 1985 and is owned by SIBS ( Sociedade Interbancária de Serviços ). Multibanco is a fully integrated interbank network and offers many more services than those usually found in other countries' networks. Multibanco also has a full-fledged EFTPOS network, the Multibanco Automatic Payment, and
286-609: The Caribbean , the major interbank network is the ATH network. Most banks issue dual ATH and MasterCard/Visa cards, using the ATH network for ATM transactions and MasterCard/Visa for EFTPOS transactions. Some banks (such as BanReservas) issue ATH-only cards which use the ATH network for both ATM and EFTPOS transactions. In Germany Girocard interbank network provides debit card service connecting virtually all German ATMs and banks. In Indonesia, there are
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#1733085466668312-586: The Competition Bureau or by some of the co-owners between 2008 and 2013, Interac and Acxsys were combined into a single for-profit organization, Interac Corporation , on 1 February 2018. Interac's head office is located at Royal Bank Plaza in Toronto . In 2019, Interac Corporation acquired 2Keys Corporation, Ottawa-based digital identity and cyber security for governments, financial institutions and commercial clients . In 2021, Interac Corporation acquired
338-887: The First Nations Bank of Canada , with RBC being the latest to abandon the scheme. A few small credit unions in British Columbia , Ontario , New Brunswick , Nova Scotia and Newfoundland remain. According to the Royal Bank of Canada , "As of January 6 2023, RBC will no longer support the option to pay for online purchases using the Interac Online Payments service. If you use Interac Online Payment service to make CRA tax payments: You will be able to make tax payments to CRA using Interac Online Payment until May 30, 2023." Interbank network An interbank network , also known as an ATM consortium or ATM network ,
364-514: The CCAPS as Sri Lanka's "National Payment Switch". Due to the historically fragmented nature of banking in the United States, there have been a large number of small banks, which resulted in a number of different interbank networks being established, mostly along geographic lines. These started to consolidate from the mid 1980s, resulting in three major interbank networks which, by 2003, had over 70% of
390-576: The Internet using funds directly from their bank accounts. Because no financial information is shared with the online merchant, the Interac Online service is more secure than online credit card payments. This service, operated by Acxsys Corporation from 2005-2018 and by Interac Corporation since then, was available to customers of four of the five largest Canadian banks: RBC , BMO , Scotiabank , and TD Canada Trust by 2007. By February 2009, Interac Online
416-569: The Netherlands, Giropay in Germany, and Secure Vault Payments in the United States. The Ontario Lottery and Gaming Corporation has dropped all support for Interac Online, effective 6 January 2023. According to their site, "Interac Online is being phased out by major financial institutions and will no longer be supported as a payment option for deposits." As of 2023, the service has been dropped by all major Canadian banks except TD Canada Trust and
442-406: The account information contained in the magnetic strip of the card, allowing for duplicate cards to be created at a later time. The owner of the card is then secretly video taped or observed entering their PIN, allowing a criminal to use duplicate cards to make fraudulent purchases. In 2007, Interac announced it would be moving to EMV chip card technology. The main benefit to this technology over
468-467: The exclusive rights to the digital ID services for Canada from the digital ID and authentication provider SecureKey Technologies Inc. On July 8, 2022, all Interac services were disrupted in Canada due to a nationwide Rogers Communications network outage resulting in millions of dollars in lost transactions for businesses. On July 11, 2022, Interac stated they were adding another provider in addition to Rogers to strengthen their network redundancy. Interac
494-411: The existing magnetic stripes is that the chips are almost impossible to copy due to high levels of encryption. Shared Cash Dispensing (SCD): cash withdrawals from any ABM not belonging to a cardholder's financial institution. This Canada-specific service is similar to international systems like Plus or Cirrus . Virtually every ABM in Canada is on the Interac system. The Interac e-Transfer service
520-478: The network ATM owner may charge a fee for use of network cards (in addition to any fees imposed by the own-bank). Interbank networks enable ATM cardholders to have access to ATMs of other banks that are members of the network when their own bank's ATM is unavailable. This is especially convenient for travelers traveling abroad, where multinational interbank networks, like Plus or Cirrus , are widely available. Interbank networks also permit, through different means,
546-600: The number of transactions completed via IDP has surpassed those completed using physical money. Beginning in 2004, IDP purchases could also be made in the United States at merchants on the NYCE network. IDP is similar in nature to the EFTPOS systems in use in the United Kingdom, Australia and New Zealand. Interac Direct Payment is a PIN-based system where the information entered on the PIN pad
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#1733085466668572-477: The use of ATM cards at a point of sale through the use of a special EFTPOS terminal where ATM cards are treated as debit cards . The payment card industry (PCI) denotes the debit , credit , prepaid , e-purse , ATM , and POS cards and associated businesses. Major brands used by the above interbank networks list by asset value. In Brazil , the major interbank network is the Banco24Horas network. In
598-630: The volume in the United States: 2003 saw the founding of two additional interbank ATM networks: Cirrus (interbank network) Cirrus is a worldwide interbank network that provides cash to Mastercard cardholders. As a subsidiary of Mastercard, it connects all Mastercard's credit , debit , and prepaid cards , as well as ATM cards issued by various banks worldwide bearing the Mastercard/ Maestro logo. Founded in 1982, prior to its acquisition by Mastercard in 1987, Cirrus System, LLC
624-452: 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
650-444: Was owned by Bank of Montreal , BayBanks Inc. , First Interstate Bancorp , Mellon Bank , NBD Bancorp Inc. , and Norwest Corp. By default, Mastercard and Maestro cards are linked to the Cirrus network, but very often all three logotypes will be shown. Canadian, American and Saudi Arabian ATMs use this network alongside their local networks, and many banks have adopted Cirrus as their international interbank network alongside either
676-473: Was supported by roughly 300 merchants including two large universities (for tuition payments), two major wireless carriers, provincial lottery corporations, and a wide variety of retailers. It was later adopted by Paymentwall (for payments to third-party merchants) and the Canada Revenue Agency (for income tax payments). Interac Online was an Online Banking ePayments service very similar to iDEAL in
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