Interac Association is a Canadian organization linking enterprises that have proprietary networks so that they may communicate with each other for the purpose of exchanging electronic financial transactions. The Association was founded in 1984 as a cooperative venture between five financial institutions: Royal Bank of Canada, CIBC, Scotiabank, Toronto-Dominion Bank, and Desjardins.
By 2005, there were over 80 member organizations and there were over 51,000 Automated Banking Machines that can be accessed through the Interac network. In Canada, the word Interac is often used as a synonym for debit card.
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