Canada's Interac e-Transfer service gets revamp

Source: Interac Association

Consumers and small businesses in Canada now have more ways to use the Interac e-Transfer service to digitally transfer money, quickly and securely, with the new features unveiled today by Interac Association/Acxsys Corporation ("Interac").

Canadians can now request money from anyone in Canadai and also have money deposited directly into their bank account, without having to answer a security question through the Interac e-Transfer service.

"Adding these new features to Interac e-Transfer is a major leap forward in digital payments because it gives Canadian consumers and businesses more flexibility, choice and control, specifically when receiving money," says Peter Maoloni, AVP Online Products and Platform, Interac Association/Acxsys Corporation. "Whether you're paying a supplier, invoicing a customer, splitting a restaurant tab with a friend or asking your roommate for their share of the rent, the new features will help make requesting and receiving money fast and convenient."

New Features: Request Money and Autodeposit

Now individuals and businesses have new ways to move their money. Canadians can easily request money they are owed from anyoneii – whether it's from friends, colleagues, family or clients. The new Request Money feature is a way to collect funds digitally and have the money go right into your account immediately after the recipient fulfills the transaction. The recipient can fulfill the request by clicking on the link within the notification and logging into their online or mobile banking to complete the transaction.

With the new Autodeposit feature, Canadians can choose to receive money directly into their bank account, eliminating the need for a security question through a one-time registration. If someone sends money using Interac e-Transfer, it would be automatically deposited into the bank account that you registered with. No more security answers to remember.

Like all Interac e-Transfer transactions, the new features are safe and secure. Money is transferred directly between financial institutions through established banking procedures and multiple layers of security.

Canadians can access the Interac e-Transfer Request Money and Autodeposit features through a participating financial institution's online or mobile banking platforms. Customers are encouraged to update to the latest version of the participating financial institution's mobile application to get the best experience. Interac is continuing to work with other financial institutions to offer these new features to their customers.

You can use the Request Money feature through:
Affinity Credit Union*, ATB Financial*, BMO Financial Group* (Business Banking only), Royal Bank of Canada (RBC)*, Scotiabank*, TD Bank Group (TD)*

You can use the Autodeposit feature through:
Affinity Credit Union*, ATB Financial*, RBC*, Scotiabank*, TD*

You can fulfill a request for money and send to Autodeposit registered recipients through:
Affinity Credit Union*, ATB Financial*, BMO Financial Group*, CIBC*, RBC*, TD*, Scotiabank*, and Simplii Financial* iii

"We are continuously innovating on the Interac e-Transfer platform to deliver new payment capabilities," says Mark O'Connell, President and CEO, Interac Association/Acxsys Corporation. "As digital payments evolve rapidly in Canada and around the world, we are proud that the Interac e-Transfer platform is fast, easy, convenient and interoperable, it is made in Canada and used by millions of Canadians daily and over 255 financial institutions."

Canadian consumers and businesses are using the Interac e-Transfer at record levels, with more than 235 million transfers expected to be made over the platform in 2017 – up from last year's 158 million transfers – with a total value expected to be at least $90 billion, compared to $63 billion in 2016. O'Connell expects that these enhanced features will be extremely popular with the 14.5 million active Interac e-Transfer users in Canada, including small businesses.

Check out the way Interac e-Transfer new features work:

Request Money: for consumers and businesses

Autodeposit: for consumers and businesses

About the Interac e-Transfer platform

Interac e-Transfer, a digital money transfer platform, is a fast and safe way for Canadians to transfer money directly from one bank account to another. Interac e-Transfer is relied upon to send and receive money securely, conveniently and efficiently for person-to-person (P2P), person-to-business (P2B), business-to-business (B2B) and business-to-person (B2P) transactions. Consumers and businesses use it daily for a wide range of needs, including paying rent, paying an employee, splitting a bill or reimbursing a friend.

Users can access the Interac e-Transfer platform through a participating financial institution's online or mobile banking application to send or request money to anyone with an email address or mobile phone number and a bank account in Canada – without requiring any personal financial information. Enhanced features also allow users to request funds through the Interac e-Transfer service. Transferred funds remain secure within financial institutions and are settled through established settlement infrastructure. More than 255 financial institutions offer access to the Interac e-Transfer service.

The Interac e-Transfer platform offers state-of-the art, scalable technology and provides unique capabilities, such as 24/7/365 availability, real-time payment notifications, centralized fraud management, analytics, and reporting. All users are protected with multiple layers of security including encryption technology, financial institution authentication and proprietary risk management making it one of the most secure P2P solutions globally. 

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