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Interac Association and Acxsys Corporation adopt Financial Consumer Agency of Canada Commissioner's Guidance for the Code of Conduct for the Credit and Debit Card Industry in Canada
TORONTO, Feb. 13, 2013, 2013 (Canada NewsWire via COMTEX) --
Interac Association and Acxsys
Corporation are formally announcing that the organizations are adopting
the Financial Consumer Agency of Canada (FCAC) Commissioner's Guidance Code of Conduct for the Credit and Debit Card Industry in Canada (Code of Conduct) - Increased disclosure in sales and business practices and cancellation
of contracts without penalty, released today by the FCAC.
"Minister Flaherty has been clear that payment card network operators
and other payment industry participants should be adhering to both the
intent of the Code of Conduct in addition to the letter of it, and we
completely agree," emphasized Mark O'Connell, President and CEO of
Interac Association/Acxsys Corporation. "We continue to fully support
the Code of Conduct and commend the FCAC Commissioner for taking this
step to help clarify what is expected of the market when adhering to
the Code of Conduct."
"The Code of Conduct has been an important tool to help increase choice
and transparency for merchants and consumers and should continue to be
the foundation for future policy efforts as the marketplace and
technologies evolve," added Mr. O'Connell.
Interac Association and Acxsys Corporation formally adopted the Code of
Conduct in May, 2010.
About Interac Association and Acxsys Corporation
A recognized world leader in debit card services, Interac Association is
responsible for the development and operations of the Interac(®)( )network, a national payment network that allows Canadians to access
their money through Interac Cash at 60,000 Automated Banking Machines and Interac Debit at 766,000 point-of-sale terminals across Canada. Interac FlashTM, a secure contactless enhancement of Interac Debit allows Canadians to pay for items instantly with their Interac chip debit card at a reader that supports Interac Flash. Interac Association was founded in 1984 and is comprised of a
diverse membership that includes banks, trust companies, credit unions,
caisses populaires, merchants, and technology and payment related
companies.
Other related services offered by Acxsys Corporation, whose shareholders
are the architects of the Interac network, include: Interac Online, for secure online payments made directly from a bank account; Interac e-TransferTM, for the transfer of money from one person's bank account
to another person's bank account using an email address or mobile phone
number*; and international services, which provide Canadian cardholders
with point-of-sale access at nearly 2 million U.S. retailers, and
PULSE, Discover, Diners Club International and UnionPay cardholders
access to ABMs in Canada.
Interac, Interac Flash and Interac e-Transfer are trade-marks of Interac Inc. Used under license.
* All Interac cardholders are protected from losses resulting from circumstances
beyond their control under the Interac Zero Liability Policy. See your financial institution for details.
**The Interac e-Transfer service, for secure person-to-person payments, is currently
available to customers of over 150 banks and credit unions including
BMO Bank of Montreal, CIBC, President's Choice Financial, National
Bank, RBC Royal Bank, Scotiabank and TD Canada Trust among others.
Central 1, through participating credit unions, offers the option of
using mobile phone numbers, in addition to email, to notify Interac e-Transfer recipients. Money never travels by email or text message.
More information about the Interac e- Transfer service and a complete list of participating banks and
credit unions can be found at www.interac.ca.
SOURCE: Interac Association
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2013/13/c5309.html
SOURCE: Interac Association
SOURCE: Acxsys Corporation
Media contact: Caroline Hubberstey Interac Association and Acxsys Corporation
chubberstey@interac.ca 416-869-8320
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