Posted AT 3:12 AM EST on 08/09/08
Interac seeks shift to for-profit status
The non-profit association that runs Canada's main payments network for automated banking machine and debit transactions is in talks with the Competition Bureau about a restructuring that would likely allow it to make a profit.
The Interac Association, created in the mid-1980s by a number of big banks and Desjardins Group, is about to embark on a major revamp to battle credit card companies, such as Visa Inc.
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