Canada’s Interac signs for Microsoft Azure – Finextra

Interac has signed up for Microsoft Azure’s cloud technology in a deal the Canadian debit network says will lead to greater innovation and faster payments.

According to a report from Payments Canada, electronic payments accounted for approximately 79% of overall transactions in 2020. During the pandemic, Interac has seen a surge in payments, processing almost one billion e-Transfer transactions sent since the beginning of April 2020.

As it looks to prosper, the firm is tapping Azure for a hybrid model of public and on-premises private cloud.

The firm says this will help to deliver faster data-rich payments, increased scalability and resilience, improved security and fraud controls, better redundancy and new services for business and individuals.

Peter Sweers, chief technology and operations officer, Interac, says: “An important part of our digital transformation strategy is integrating a secure and compliant cloud platform that positions us for future growth and meets the demands of the quickly evolving digital payments landscape.”

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