Moneris

Moneris is a Canadian financial technology and merchant-services company focused on payment acceptance, transaction processing, point-of-sale technology, and related business tools. It was established in December 2000 as a 50/50 joint venture between the Royal Bank of Canada and Bank of Montreal. The venture combined the banks’ merchant-acquiring activities and created a large Canadian payment processor with a direct relationship to both Visa and Mastercard merchants. The company’s original proposition was to simplify card acceptance for Canadian businesses. Moneris became the first Canadian acquirer to provide Visa and Mastercard merchant accounts through a single point of contact, allowing businesses to manage multiple card networks within one acquiring relationship. It also introduced an integrated point-of-sale model in which proceeds from different card transactions could be directed to one deposit account. Within its first year and a half, the company reported processing more than two billion transactions in Canada, illustrating the scale of the banking assets brought into the joint venture. Moneris expanded beyond conventional card acquiring through acquisitions, payment-network integrations, and new merchant technologies. In 2003 it acquired Ernex Marketing Technologies, a provider of privately branded loyalty programs and stored-value gift cards. In 2004 it purchased the merchant portfolio of RBC Centura, extending its United States presence to merchants associated with that bank in several southeastern states. In 2008, the acquisition of Keycorp Canada added point-of-sale support capabilities and broadened the company’s merchant-services offering. The business has played a role in several Canadian payment transitions. In 2005, Moneris processed Canada’s first Interac Online transaction, enabling consumers to pay online directly from a bank account. That same year it processed the country’s first full-data Visa EMV chip transaction. It later became certified across Interac, Mastercard, and Visa for chip technology, and in 2013 processed an early Canadian near-field communication mobile-debit transaction using Interac Flash. The company subsequently added support for UnionPay, Apple Pay, and Google Pay on compatible terminals. Moneris’ product portfolio includes countertop and mobile payment terminals, integrated point-of-sale systems, online and in-person payment acceptance, fraud and transaction tools, loyalty and gift-card services, and analytics. Payd Pro, introduced in 2014, targeted small businesses needing a mobile point-of-sale system that could accept debit, credit, EMV, and contactless payments. Moneris Core, launched in 2019, supplied proprietary software for the company’s next-generation terminals. Moneris Go, introduced in 2020, used an Android smart terminal to combine card acceptance with mobile connectivity and third-party application integration. Offlinx, launched in 2018, provided analytics intended to help retailers assess relationships between digital advertising and in-store purchasing. Moneris sold its United States operations to Vantiv in November 2016 for US$425 million. The divestiture left the company primarily focused on the Canadian market. It has maintained offices in Toronto, Sackville, Burnaby, Montreal, and Calgary, and has reported processing more than three billion transactions annually for over 350,000 merchant locations with a workforce of more than 1,900 people across North America. Moneris’ market position is built on national scale, bank ownership, broad payment-network coverage, bilingual service delivery, and the integration of payment acceptance with merchant software and hardware.

Moneris was formed in December 2000 through an equal joint venture between the Royal Bank of Canada and Bank of Montreal. Its creation consolidated important merchant-acquiring capabilities from two of Canada’s largest banks and established a dedicated national payment processor. From the beginning, Moneris sought to make card acceptance simpler for merchants by providing Visa and Mastercard acquiring through one commercial relationship. It also promoted integrated point-of-sale settlement, enabling proceeds from different card transactions to be deposited into one account. The company expanded its service range through acquisitions. In October 2003, it acquired Ernex Marketing Technologies, which specialized in private-label loyalty programs and stored-value gift cards. In February 2004, Moneris acquired the merchant portfolio of RBC Centura. That transaction extended its United States operations to merchant accounts connected with the bank in North Carolina, South Carolina, Virginia, Georgia, and Florida. In April 2008, it acquired Keycorp Canada, a major Canadian provider of point-of-sale support services, strengthening its ability to install, maintain, and support merchant equipment. Moneris was involved in the transition from traditional card swiping to electronic and online payment methods. On June 6, 2005, it processed the first Interac Online transaction in Canada, allowing an online purchase to be paid directly from a consumer’s bank account. On June 27, 2005, it processed the first full-data EMV chip transaction in Canada using a Visa-certified chip. In 2007, it was among the first Canadian acquirers certified by Interac, Mastercard, and Visa to provide chip technology. In March 2013, it processed an early Canadian NFC mobile-debit transaction using Interac Flash and a BlackBerry smartphone at a McDonald’s restaurant. The company continued to widen network and device support. In November 2014, it became the first Canadian acquirer to offer a full processing solution for UnionPay cards. Moneris announced Apple Pay support in 2015 and Google Pay support in 2017 for suitable contactless terminals. In 2016, it partnered with Planet Payment on international and multicurrency processing, and in 2018 it partnered with Kount on online fraud protection. A separate 2020 partnership with Toronto-based Bookmark added website-building tools aimed at small businesses. Product development increasingly shifted toward mobile and proprietary software. Payd Pro, introduced in June 2014, combined a smartphone application with a Bluetooth-connected payment device and was aimed at businesses needing to take payments away from a fixed checkout. In October 2018, Moneris launched Offlinx, an analytics product designed to help retailers assess the effect of digital advertising on in-store purchases. Moneris Core followed in April 2019 as proprietary software for next-generation payment terminals. In September 2020, the company launched Moneris Go, a smart Android terminal based on hardware from PAX Technology. Moneris’ United States chapter ended in November 2016, when Vantiv acquired Moneris USA for US$425 million. Vantiv assumed the American merchant accounts and related relationships; the company later became part of Fidelity National Information Services. Moneris thereafter remained principally Canadian in its operating focus. Its Toronto-area headquarters and regional offices support a national merchant base, while the business continues to offer payment acceptance across major card networks, integrated point-of-sale technology, online payments, contactless transactions, analytics, and merchant-support services.

• 2020

  Moneris Go launched

  [1]Monerisen.wikipedia.org

  Moneris introduces a smart Android payment terminal supporting card, contactless, and third-party application use cases.

• 2019

  Moneris Core launched

  [1]Monerisen.wikipedia.org

  The company launches proprietary software for its next-generation payment terminals.

• 2016

  United States operations sold

  [1]Monerisen.wikipedia.org

  Vantiv acquires Moneris USA for US$425 million.

• 2014

  UnionPay processing support introduced

  [1]Monerisen.wikipedia.org

  Moneris becomes the first Canadian acquirer described as offering a full processing solution for UnionPay cards.

• 2013

  NFC mobile debit transaction

  [1]Monerisen.wikipedia.org

  Moneris processes an early Canadian near-field communication mobile-debit transaction using Interac Flash.

• 2008

  Keycorp Canada acquired

  [1]Monerisen.wikipedia.org

  Moneris acquires a major Canadian point-of-sale support provider to expand merchant equipment and support capabilities.

• 2005

  Canadian Interac Online and EMV milestones

  [1]Monerisen.wikipedia.org

  Moneris processes Canada’s first Interac Online transaction and first full-data Visa EMV chip transaction.

• 2004

  RBC Centura merchant portfolio acquired

  [1]Monerisen.wikipedia.org

  The acquisition expands Moneris’ United States merchant-services operations into several southeastern states.

• 2003

  Acquisition of Ernex Marketing Technologies

  [1]Monerisen.wikipedia.org

  Moneris acquires a provider of private-label loyalty programs and stored-value gift cards.

• 2000

  Moneris is established

  [1]Monerisen.wikipedia.org

  Royal Bank of Canada and Bank of Montreal establish Moneris as an equal joint venture to provide merchant-acquiring and payment-processing services.

A Canadian, bank-owned payment-acquiring and merchant-technology provider serving businesses from small merchants to large enterprises. Moneris emphasizes broad card-network acceptance, integrated point-of-sale technology, national scale, and bilingual English-French merchant experiences.

• Payment acquiring · 2000

  Merchant payment processing

  Moneris provides acquiring and transaction-processing services for Canadian merchants. Its network coverage includes Interac, Visa, Mastercard, American Express, Discover, and UnionPay, allowing businesses to accept debit, credit, contactless, and selected mobile-wallet transactions through a consolidated merchant-services relationship.

• Mobile point of sale · 2014

  Payd Pro

  Introduced in 2014, Payd Pro was a mobile point-of-sale solution for small businesses. A Bluetooth-connected payment device worked with the Payd application on a smartphone, supporting debit, credit, EMV chip-and-PIN, and contactless payments outside a conventional fixed checkout.

• Retail analytics · 2018

  Offlinx

  Offlinx is a digital analytics tool introduced in 2018 to help retail businesses examine the relationship between digital advertising expenditure and purchases made in physical stores. Moneris has also used its data capabilities to publish observations about Canadian spending patterns.

• Payment terminal software · 2019

  Moneris Core

  Moneris Core is proprietary software developed to power the company’s next-generation payment terminals. Its introduction gave Moneris a more internally controlled payment experience rather than relying solely on externally supplied terminal software.

• Smart payment terminal · 2020

  Moneris Go

  Moneris Go is a mobile smart-terminal offering launched in 2020. Based on an Android payment terminal from PAX Technology, it accepts card and contactless payments, supports mobile connectivity, and can integrate with third-party applications for businesses of different sizes.

• Loyalty and gift cards · 2003

  Loyalty and stored-value services

  Through the acquisition of Ernex Marketing Technologies, Moneris added privately branded loyalty programs and stored-value gift-card capabilities to its merchant-services portfolio. These tools allow businesses to connect payment activity with customer-retention and prepaid-value programs.

• 2020

  Launch of Moneris GoProduct launch

  Background

  Merchants increasingly required portable terminals that could combine payment acceptance with mobile connectivity and software applications.

  Action taken

  Moneris launched Moneris Go, an Android-based smart terminal using PAX Technology hardware.

  Aftermath

  The offering broadened Moneris’ mobile and software-integrated terminal portfolio for merchants of varying sizes.

  Source

• 2019

  Launch of Moneris CoreProduct launch

  Background

  Payment terminals were becoming more software-driven, and processors increasingly sought control over the merchant-facing payment experience.

  Action taken

  Moneris introduced its proprietary Moneris Core software for next-generation payment terminals.

  Aftermath

  The launch strengthened Moneris’ control over its terminal platform and payment interface.

  Source

• 2016

  Divestiture of Moneris USAM&A

  Background

  Moneris had operated in the United States through merchant portfolios and related bank relationships, but its later strategy focused on its Canadian core business.

  Action taken

  Moneris sold its United States operations to Vantiv for US$425 million, transferring merchant accounts and related business relationships.

  Aftermath

  The transaction ended Moneris’ direct United States operating presence and left the company primarily focused on Canadian merchants.

  Transaction value. US$425 million (November 2016)

  Source

• 2020

  Moneris launches Moneris Go smart terminal[1]Monerisen.wikipedia.org

  Product launch

  The company launched Moneris Go, an Android-based mobile payment terminal designed to accept card and contactless payments and integrate with third-party applications.

• 2019

  Moneris introduces Moneris Core[1]Monerisen.wikipedia.org

  Product launch · Product generation

  Moneris introduced proprietary software for its next-generation payment terminals, giving the company greater control over the merchant payment experience and terminal platform.

• 2016

  Moneris sells United States operations to Vantiv[1]Monerisen.wikipedia.org

  M&A

  Vantiv announced the acquisition of Moneris USA, including its merchant accounts and related business relationships, for US$425 million. The transaction ended Moneris’ direct United States operating presence and concentrated the company’s business on Canada.

1. 1Monerisen.wikipedia.org