Interac broadens access to the Interac e-Transfer® service
Wealthsimple set to join the Interac e-Transfer service
TORONTO, Sept. 27, 2023 /CNW/ - Today, Interac Corp. (Interac) announced that it has broadened access to additional types of financial institutions for participation in the Interac e-Transfer® service. Wealthsimple, a leading Canadian provider of digital financial services, has received provisional approval to join the Interac e-Transfer service as a participant.
"I'm thrilled to accelerate our impact in the market by broadening access to the Interac e-Transfer service to an expanded category of financial institutions," said Jeremy Wilmot, President & CEO at Interac. "Financial services are evolving, and an increasing number of Canadians are using innovative new offerings. By extending our trusted product and platform to new organizations, while maintaining high security standards, we will allow Canadian consumers and businesses to confidently transact in new ways."
Since the launch of the Interac e-Transfer service, federally regulated banks and provincially regulated credit unions have been eligible for participation in the service. Now, organizations that are both FINTRAC-regulated Money Service Businesses (MSBs) and investment dealers regulated by the Canadian Investment Regulatory Organization (CIRO) can apply to become participants and make Interac e-Transfer available to their customers.
Wealthsimple is set to become the first new participant under this broadened access, joining over 280 financial institutions in enabling customers to send, request and receive money between accounts using the Interac e-Transfer service. Wealthsimple's easy-to-use platform provides millions of Canadians with access to managed investing, self-directed trading, cryptocurrency, spending, saving, and tax filing services.
"This announcement is a testament to Wealthsimple's impact on the Canadian financial ecosystem, the significant investments we have made in product innovation and our commitment to becoming a world-class financial institution," said Michael Katchen, Wealthsimple CEO. "We look forward to joining the Interac e-Transfer service as a participant and providing the millions of Canadians that choose Wealthsimple an even better money movement experience."
"The Interac e-Transfer service has seen tremendous growth in recent years – in 2022, Canadians completed over one billion transactions and the service is increasingly being leveraged by businesses and governments, in addition to consumers," said William Keliehor, Chief Commercial Officer at Interac. "By providing Canadians with reliable access to funds and enhanced features, the service has become instrumental in facilitating economic activity and digital commerce across Canada over the last 20 years."
To join the Interac e-Transfer service, eligible financial institutions must undergo a rigorous application process and meet all the same requirements and obligations as existing participants. The Bank of Canada provides oversight of the Interac e–Transfer service, which is designated as a prominent payment system under the Payment Clearing and Settlement Act.
- 20 years as a trusted payment exchange in Canada.
- Reached one billion transactions over a 12-month period in April 2022.
- Over 20 per cent of Interac e-Transfer transactions have been sent or received by a business so far this year.
- Service includes enhanced consumer features such as Request Money and Autodeposit.
- Business specific solution allows for higher limits, data rich remittances and account-to-account transfers.
For more information on Interac e-Transfer, search In The Know.
Interac empowers Canadians to transact digitally with confidence by providing payment and value exchange services. In helping to develop the future of money and data in Canada, security is the core of everything we do. We help keep Canadian customers safe and secure when transacting. With nearly 300 financial institutions connected to our network, Canadians choose Interac products over 20 million times a day on average to exchange money. Interac champions workplace culture, community, and corporate citizenship. We are proud to be one of Canada's leading and most trusted financial brands. For more information, visit our website.
Interac and Interac e-Transfer are registered trademarks.
SOURCE Interac Corp.
Media Contact: Interac Corp., 416-869-2017, [email protected]
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