Interac Corp. announced earlier this week the launch of its new Interac Lab, which is described as an innovation outpost and accelerator at the Kitchener-based tech hub, Communitech. According to Interac, the Interac Lab will support research and development, offering a space for hands-on experimentation. The focus will be on tackling product and industry challenges, which will accelerate the development of the next generation of products and features for Canadians. Debbie Gamble, VP, Digital Product and Platforms at Interac Corp., stated:
“Opening the Interac Lab positions us to continue to evolve as the payments sphere changes. Kitchener-Waterloo is an incredible place with such a wealth of tech knowledge. We’re excited to learn from some of the best minds while we explore new ways to use our products and platforms.”
The Interac Lab will focus on three key priorities:
- Develop new payment capabilities: Solve problem statements through ideation, research, development and creating proofs of concept, ultimately accelerating how companies go-to-market.
- Improve the way consumers and businesses move money: Solve new use cases to help Canadians efficiently and immediately move money how, where and when they want to.
- Explore the future of payments: Test and learn with emerging technologies such as voice, the Internet of Things (IoT), artificial intelligence and Blockchain, to explore how the Interac suite of products can evolve with new trends.
Iain Klugman, CEO of Communitech, also commented:
“Having a nationally-recognized brand like Interac engage with our community and help build technology for today and the future is wonderful. As a leader in their industry, we’re excited to have Interac join our ecosystem of labs amongst the most innovative in Canada.”
The Interac Lab will have full-time staff and a rotating group of co-op students from the local universities’ math, science and engineering programs. Tricia Gruetzmacher, Director of Interac Lab, added:
“The knowledge-sharing that comes with being a part of Communitech is invaluable to our co-op students and team, and hopefully to the others throughout the space. Collaborating daily with others in the tech community helps us stay nimble and agile as we create and test use cases that will accelerate our product development.”