Interac claims lead position in digital money transfer
22 September 2016 | 3482 views | 0
Today, Interac Association/Acxsys Corporation ("Interac") released data demonstrating the growing use of Interac e-Transfer, as the organization continues to evolve the platform to meet new and emerging user needs.
With more than 105 million transactions processed in 2015, reflecting a value of more than $44 billion, Interac e-Transfer has established itself as Canada's leading digital money transfer service.
More recently, in August 2016, over 13.5 million Interac e-Transfer transactions were sent, totaling over $5.6 billion, with a gross daily average of $181.8 million transferred. These figures represent the highest monthly and daily recorded values since the Interac e-Transfer service was first introduced to Canadians in 2002.
"Where other countries have been slow or have failed to address real-time payment needs, working with our financial institution partners, we have been growing and investing in the Interac e-Transfer platform using state-of-the-art, scalable technology," said Mark O'Connell, President and CEO, Interac Association and Acxsys Corporation. "The Interac e-Transfer platform is setting the standard for how Canadians choose to send and receive money digitally, and exemplifies how we are leading secure, real-time money movement innovation in Canada."
Interac e-Transfer is a digital money transfer service for person-to-person (P2P), person-to-business (P2B), business-to-person (B2P) and business-to-business (B2B) transactions. More than 13.5 million online bank accounts are connected to the Interac e-Transfer platform to send money securely and efficiently from one bank account to another. On average, more than 436,000 transactions are sent per day, with more than 958,000 on peak days. Over 50 per cent of transfer notifications are now received instantly allowing for immediate access to funds once deposited through online banking. Currently, 65 per cent of funds are deposited using a mobile device.
"Interac e-Transfer has become a national service that is relied on daily to exchange funds," said Avinash Chidambaram, Vice President, Product and Platform Development, Interac Association and Acxsys Corporation. "Consumers and businesses find tremendous value in the Interac e-Transfer platform as it integrates seamlessly into financial institutions' core banking functionality and is accessible to nearly all Canadians who bank online."
This announcement comes on the heels of a series of new Interac product announcements, including the introduction of the Interac e-Transfer Bulk Disbursement service, the Interac Token Service Provider (TSP) platform, Interac with Apple Pay, and international licensing capabilities. These new innovative payment solutions provide the market with fast and secure ways to pay, and are examples of world-class solutions being implemented in Canada. New enhancements to the Interac e-Transfer platform are also planned for 2017 to meet growing demand for increased functionality.
Interac e-Transfer Bulk Disbursement, the commercial enhancement of Interac e-Transfer, was recently launched to answer the needs of businesses and organizations seeking a secure, cost-efficient alternative to cheques, prepaid cards or cash disbursements. Multiple payments, such as insurance claims, payroll, tax rebates, or disaster relief disbursements, can be sent through an automated file transfer process and in a single upload - without the need for the recipients' personal financial information. The service was designed to simplify the management of payments for business banking clients like Brock University.
"Student preferences are evolving with technology and Brock University is committed to providing services to our students that exceed their expectations," said Josh Tonnos, Director, Accounting and Treasury, Brock University. "With the Interac e-Transfer Bulk Disbursement service, students can simply and securely deposit their refunds using their financial institution's online banking platform and funds are available immediately."