Canada’s Interac debit network launches tokenization service

Canadian debit network Interac has unveiled its own token generation and management service that will enable financial institutions, merchants and its partners to build and manage secure digital payment experiences with support for tokenized digital debit transactions on any device or mobile wallet.

Interac The Interac Token Service Provider (TSP) has been developed with IBM, mobile payment specialist Bell ID and payment solutions provider Everlink.

“The Interac TSP is capable of supporting financial institutions and mobile technology providers with secure digital products at scale,” Interac says. “The Interac TSP represents an ‘open’ mobile debit payment solution with device-agnostic technology that can be implemented on any mobile device that supports it.

“Transactions through the Interac TSP use the existing functionality and security of Interac Flash contactless debit technology. Merchants benefit from real-time transactions — payment is received immediately and chargebacks never occur. It is also one of the lowest-cost payment acceptance options for merchants.

“Financial institutions, mobile technology providers and merchants can use the Interac TSP to innovate, build and manage secure digital payment experiences. The platform is built to scale and allows for continued innovation.”

“Having our own TSP is a natural evolution of our strong security value proposition,” says Avinash Chidambaram, vice president of product and platform development at Interac. “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.”

“Bell ID is excited to partner with Interac and contribute further to the advancement of mobile payments in Canada,” added David Orme, CEO of Bell ID. “We have a long history in enabling Canadian card and mobile payments and Interac can now support the market with secure tokenization services for a wide array of mobile payment deployment options.”

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