Flinks Introduces Guaranteed EFT, The First Instant Account Funding Solution in Canada
MONTREAL, Feb. 4, 2025 /CNW/ - Flinks, a Canadian leader in financial data aggregation and open banking, has launched Guaranteed EFT, the first payment solution of its kind in Canada designed to enable real-time account funding for financial institutions.
Today, the account funding experience is broken in Canada. The traditional process of funding accounts through electronic funds transfers (EFTs) presents challenges for both Canadian consumers and financial institutions. Canadians face delays of up to seven days or longer to access their funds, which leads to disruptions in financial planning, missed investment opportunities, and more.
For banks and financial service providers, funding delays contribute to higher customer drop-off rates and missed deposit opportunities. Additionally, the reliance on manual backend processes to validate and transfer funds creates inefficiencies. Identity verification, account balance checks, and risk assessments, which are manually intensive, strain resources and delay fund availability.
Introducing Guaranteed EFT
Guaranteed EFT is Flinks' response to these pressing challenges, modernizing the traditional EFT funding process into a seamless and efficient experience. By leveraging Flinks' advanced data connectivity, enrichment and open banking capabilities, Guaranteed EFT offers same-day, secure, fully risk-free payments.
Flinks' payment solution seamlessly integrates into a financial institution's online banking platform. The solution:
- Allows customers to select external bank accounts through a user-friendly interface.
- Conducts real-time checks for identity, account balances, and risk
- Verifies the customer and ensures the transactions are guaranteed and delivered almost instantly, enabling institutions to provide same-day fund availability
The instant account funding experience allows financial institutions to enhance the customer experience by providing quicker access to funds, improving deposit and acquisition rates, and streamlining backend operations.
"Guaranteed EFT is a significant step in addressing long-standing challenges in account-to-account fund transfers," said Julien D. Cousineau, CEO at Flinks. "This solution empowers financial service providers to meet evolving customer expectations for faster, more reliable service."
About Flinks
Flinks empowers financial institutions and fintechs by providing secure data connectivity and innovative open banking solutions. Trusted by leading organizations across Canada, Flinks is at the forefront of driving progress and innovation in the financial services industry.
To learn more, visit flinks.com
SOURCE Flinks
Media contact: Jimmy Chung, Flinks, [email protected]
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