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Canada's Interac brings e-Transfers to business payments

Canada's Interac brings e-Transfers to business payments

Canadian debit network Interac is opening up its e-Transfer P2P payments service to businesses.

Interac e-Transfer lets the customers of 13 Canadian financial institutions send money directly from their bank accounts to the accounts of other consumers and businesses, using their email address or mobile number.

Now, Interac e-Transfer for Business promises firms similar convenience, with transaction limits of up to $25,000 and payment confirmation provided within seconds.

Interac says the service will give businesses more choice, a higher level of efficiency and control in managing receivables and cash flow. Users will also be able to send funds directly to account numbers they have on record, in addition to traditional routing options of an email address or mobile number.

In an Interac-commissioned survey of 152 financial decision-makers in Canadian mid-sized businesses, 83% call for new commercial payment products as part of their post-pandemic digital transformation.

Anurag Kar, AVP, money movement, Interac, says: "Bringing the market together to create a simplified way to pay or be paid, which boosts cash flow management and overall efficiency, will help the thousands of businesses participating in Canada's economic recovery."

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