Millions more Canadians will have the opportunity to pay for online
purchases directly from their bank account with the addition of BMO Bank
TORONTO, Nov. 29 /CNW/ - Just in time for the holiday shopping season,
Acxsys Corporation, the architects of INTERAC Direct Payment, today announced
that another major financial institution - BMO Bank of Montreal - will offer
the INTERAC Online service to its customers, providing millions more Canadians
with the opportunity to pay directly from their bank account for goods and
services purchased over the Internet.
With today's announcement, BMO Bank of Montreal joins RBC, Scotiabank and
TD Canada Trust who currently provide the INTERAC Online service.
"INTERAC Online brings the ease, security and convenience Canadians get
with debit, to the Internet," said Mark O'Connell, President and CEO, Acxsys
Corporation. "With the addition of BMO Bank of Montreal to the growing number
of financial institutions and merchants that offer INTERAC Online, this
INTERAC service continues to gain momentum, making it easier for more
Canadians to shop online securely."
INTERAC Online is secure and easy-to-use because it works with the
existing online banking services of Canada's leading financial institutions.
Since the transaction is conducted within the customer's trusted online bank
account, no card number or other personal information is shared with the
online merchant and there is no need for any new passwords to be memorized.
"As a customer-first organization our focus is to remain at the forefront
of adapting tools and technology that help to make our customers' everyday
lives easier," said Michel Chalifoux, Vice-President, Card & Retail Payment
Services, BMO Bank of Montreal. "By providing INTERAC Online to millions of
BMO Bank of Montreal customers, BMO continues to expand and enhance its suite
of products and services to ensure our customers have the most innovative,
secure, convenient and user-friendly payment options at their disposal 24
hours a day."
Chalifoux noted that the INTERAC Online payment option also means that
the bank's debit customers can add another convenient way to earn AIR MILES
rewards, by using their debit cards to pay for online purchases. "BMO is the
only major financial institution that rewards AIR MILES collectors for all of
their debit card purchases, whenever and wherever they make them," added
Chalifoux. "With the additional payment option of INTERAC Online, BMO has
given its AIR MILES collectors even more choice and flexibility for earning
Debit Preferred by Canadians
INTERAC Online represents a major advance in online shopping. With one of
every two Canadians choosing debit as their preferred method of payment,
INTERAC Online opens up online shopping to so many more Canadians by extending
the convenience and security of debit to the Internet. According to Interac
Association research, 73 per cent(1) of survey respondents indicated they were
interested in a debit option online.
There are currently more than 125 merchants, including independent
businesses and national retailers that offer the convenience of INTERAC
Online, with 300 more in the process of implementing the service. Cineplex
Odeon, La Senza, The Source by Circuit City, VIA Rail and Virgin Mobile are
among some of the national merchants who currently offer the service. The
INTERAC Online service is also available on the websites of not-for-profit
organizations, such as the Canadian Red Cross, as well as organizations in the
education sector, such as University of British Columbia (UBC).
How INTERAC Online Works
Consumers who are registered for online banking services with a
participating financial institution can use the INTERAC Online service in just
a few easy steps:
- When checking out on a merchant's e-commerce website, select the
INTERAC Online payment option;
- Select your financial institution from the list that appears (you are
automatically redirected to your financial institution's web banking
- Log onto your trusted web banking site using your existing login ID
- Select the account to process payment;
- Confirm the payment (you are automatically redirected back to the
- Print the confirmation page for future reference and proof of
For an INTERAC Online service demonstration and a complete list of
merchants currently offering the service, visit www.interaconline.com.
About Acxsys Corporation
Acxsys Corporation, comprised of eight large financial institutions as
shareholders, is headquartered in Toronto, Ontario. 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. The
Corporation's shareholders are the architects of Canada's national network for
shared electronic financial services: INTERAC Direct Payment, Canada's
national debit card service and INTERAC Shared Cash Dispensing Service for
cash withdrawals at Automated Banking Machines. For more information, please
About BMO Bank of Montreal
BMO Bank of Montreal is a member of the BMO Financial Group of companies.
BMO Bank of Montreal's personal and commercial banking business is among the
five largest in Canada. Working together with BMO's other businesses, BMO Bank
of Montreal serves the financial needs of more than seven and a half million
Canadians, offering a full range of products and services through almost 1,000
BMO Bank of Montreal traditional and instore branches, telephone banking,
online banking at bmo.com, licensed insurance agents and the bank's network of
almost 2,000 automated banking machines (ABMs).
(1) Strategic Counsel (2005)
For further information:
For further information: Acxsys Corporation/Interac Association: Tina
Romano, firstname.lastname@example.org, (416) 869-5062; Catherine Héroux,
email@example.com, (416) 366-7735, ext. 222; BMO Bank of
Montreal: Ralph Marranca, Toronto, firstname.lastname@example.org, (416) 867-3996;
Ronald Monet, Montreal, email@example.com, (514) 877-1873; Laurie Grant,
Vancouver, firstname.lastname@example.org, (604) 665-7596; Internet: www.bmo.com