Oct 18 , 2010
International Card Acceptance service expands to majority of INTERAC network of ABMs within one year
TORONTO--Within one year of signing agreements with UnionPay and PULSE, Acxsys Corporation, whose shareholders are the architects of the INTERAC network, is pleased to announce its international card acceptance service has expanded to more than 50 per cent of the INTERAC network of ABMs. The service provides UnionPay, Diners Club International, Discover and PULSE cardholders the ability to withdraw money from ABMs of participating Acquirers in Canada.
"We are committed to serving the needs of our clients by bringing them innovative services to support and grow their businesses," said Mark O'Connell, President and CEO, Acxsys Corporation and Interac Association. "The rapid expansion of this service demonstrates the strength of the service's value proposition and the strong collaboration by our participants and partners."
These agreements have increased ABM volumes for Canadian acquirers by providing access to a net new cardholder base, which is expected to grow. Last year, 160,000 Chinese travelers visited Canada, and now that Canada has received approved destination status by China, the yearly rate of travel to Canada from China is expected to increase up to 50 per cent by 2015, according to the Conference Board of Canada.
"We congratulate Acxsys Corporation on this significant milestone," said Jianbo CAI, First Executive Vice President, UnionPay. "An increasing ABM network across Canada will provide our cardholders with a better, safer and more efficient payment service when travelling."
UnionPay is a bankcard association in China, and cooperates extensively with about 400 financial institutions in the world. Currently, there are more than 2.3 billion UnionPay cards issued worldwide, and accepted in over 90 countries and regions. PULSE is one of the largest ATM/debit networks in the United States and part of Discover Financial Services. PULSE's ATM network accepts Diners Club International, Discover, and PULSE cards.
"Increasing acceptance around the world is a key priority for Discover Financial Services," said Judith McGuire, Senior Vice President of Product Management, PULSE. "We are pleased with the expansion of terminals in support of Discover, Diners Club and PULSE cardholders travelling in Canada."
The Acxsys agreements with UnionPay and PULSE eliminate network setup and significantly reduce development costs for Canadian acquirers who participate in the service. Access to the service is available to all Canadian acquirers interested in evolving their ABM service offerings. Currently the service is being offered at ABMs across Canada operated by CIBC, Open Solutions, Scotiabank, Transaction Network Services Canada, and TNS Smart Network.
Acxsys Corporation, comprised of eight large financial institutions as shareholders, is headquartered in Toronto, Ontario. The Corporation's shareholders are the architects of the Interac network, Canada's national debit network. Acxsys specializes in the development and operation of new payment service opportunities, as well as consulting and management services in the field of electronic payments. Acxsys Corporation businesses include the operation of the Interac Email Money Transfer service, the Interac Online service, and international services, through agreements with NYCE Payments Network, PULSE, and UnionPay.