PROVIDING ELECTRONIC PAYMENT SOLUTIONS AND SERVICES NATIONALLY AND INTERNATIONALLY
Shareholder AND Acquirer Member of the Canadian Interac Corp.
Domestic and Global Transaction Processing
Westsphere Systems Inc.
Background Business Information
Canadian wholly owned and established in 2018 as an acquiring member of the Interac Association in the fall of 2008 and a founding shareholder of Interac Inc. Westsphere Systems Inc. provides electronic payment services and cash dispensing services for cash withdrawals at automated banking machines along with a suite of comprehensive, innovative and integrated payments solutions and services for small/medium enterprises (SMEs) across Canada.
INTERAC Corp.
Corporate Relationship Overview
Since 2008 Westsphere Systems Inc. as a longtime Acquiring member of Interac Association established itself as one of 41 Founding Shareholders of Interac Corp in 2018. Interac® branded products and services are currently offered by the Interac Corp. a Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions. Interac serves as the Canadian debit card system, with over 59,000 automated teller machines that can be accessed through the Interac network in Canada, and over 450,000 merchant locations accepting Interac debit payments.
The network was launched in 1984 through the non-profit Interac Association, a cooperative venture between five financial institutions: RBC, CIBC, Scotiabank, TD, and Desjardins; by 2010, there were over 80 member organizations. The group founded a for-profit counterpart organization, Acxsys, in 1996, which launched additional Interac-branded services including e-transfers. Following several aborted merger attempts which were either blocked by the Competition Bureau or by some of the co-owners between 2008 and 2013, Interac and Acxsys were combined into a single for-profit organization, Interac Corp. on 1 February 2018. Interac Corp consists of 41 founding shareholders which includes Westsphere Systems Inc.
canadian resource capital corp.
Corporate Relationship Overview
Westsphere Systems Inc.’s ('WSI") is the original Founding Shareholder of Canadian Resource Capital Corp. ("CRCC") collectively holding 46% of the current issued and outstanding common shares of CRCC.
Canadian Resource Capital Corp. (“CRCC”) is an Alberta-incorporated corporation established for the primary purpose of pursuing a Schedule I bank charter from the Office of the Superintendent of Financial Institutions (“OSFI”). On October 9, 2020, CRCC received OSFI approval for the use of the name Canadian Resource Bank (“CRBank”), along with its French equivalent Banque de Ressources Canadienne, and on January 21, 2021 subsequently submitted its initial Phase 1 application as a bank holding company under the Bank Act (Canada).
CRBank is a wholly owned subsidiary of CRCC, created to operate as a federally regulated financial institution (“FRFI”). Its mandate is focused on delivering essential banking services—specifically personal banking, chequing and savings accounts, and related payment services—to key underserved and unbanked segments of the Canadian population, including:
- Indigenous communities and their on-reserve/near-reserve populations, and
- Newcomers to Canada, including international students and temporary foreign workers who face systemic barriers to basic financial services.
Through this structure, CRCC intends to address longstanding gaps in financial inclusion by deploying a modern, technology-driven banking model anchored in accessibility, community partnership, and responsible innovation.
e-debit Money Inc.
Corporate Relationship Overview
E-debit money Inc. is a wholly owned subsidiary of Westsphere Systems Inc. ("WSI") was developed to operate across Westsphere Systems Inc. processed Network, a PCI, Interac and FINTRAC audited secure transaction network for sending and receiving money through Canadian domestic payout locations nationally across Canada. Developed in Canada for Canadians who need to send or receive money quickly, efficiently, securely and conveniently domestically throughout Canada. This often includes people who are responding to urgent cash needs by friends, family members and relatives who need fast domestic money transfers available 7/24.
E-debit money Inc. is listed as a Canadian money transmitter with the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC) holding registration number M17966403. A convenient, fast reliable and efficient money transfer service at hundreds of trusted pay-out locations in Canada. While E-Debit Money is presently concentrating on domestic money transfers in Canada and the expansion its national ATM cash payout locations the corporation has entered into international business partner relationships covering multi jurisdictions.
NOTE: The National rollout is contingent on CRCC being a deposit taking FRFI
CONNECTIONS
FINTRAC
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada's financial intelligence unit. Its mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control.
FINTRAC is a federal institution that is part of the Finance portfolio, and works with its anti-money laundering and anti-terrorism financing regime partners at the federal, provincial and municipal levels.
PROPIETORY CARD SERVICES
We offer BIN (bank identification number) sponsorships to Program Managers to rapidly develop and deploy specialized card programs, tailored to specific needs in target markets. - CONTACT US