Interac Association/Acxsys Corporation (Interac) announced today that MoneyGram International, Inc. has begun using Interac e-Transfer Bulk Disbursement, an extension of the Interac e-Transfer service, as a new way for Canadians to receive payments sent through MoneyGram's payment service.
Interac e-Transfer Bulk Disbursement allows MoneyGram to deliver money to its Canadian recipients in real time, with instant pickup and real-time funds availability, while also providing the protection of Interac's world-class fraud detection and security features.
"Interac e-Transfer is a uniquely Canadian payments solution already used by hundreds of Canadian financial institutions and millions of businesses and consumers," said Mark O'Connell, President and CEO, Interac Association and Acxsys Corporation. "MoneyGram's decision to add Bulk Disbursement to move funds in Canada not only extends the reach and use of Interac e-Transfer, it also demonstrates our commitment to providing innovative solutions in the business payments space."
Interac e-Transfer Bulk Disbursement simplifies the management of electronic payments, with businesses using an automatic file transfer to securely and reliably send multiple payments in a single file upload, eliminating the need to handle cash payments or issue, track and reconcile costly cheques. Each payment is password protected, and recipients can deposit their funds anywhere and anytime they have access to online or mobile banking without having to provide their personal financial information.
"MoneyGram is the first money services business to offer Interac e-Transfer Bulk Disbursement to its customers and it gives us a new way to make money transfers easier for our customers," said Kent Ulrich, Head of Business Development Canada for MoneyGram. "Interac's fraud detection capabilities means we can add another layer of security for those transfers in a cost-effective and administratively efficient way."
Interac e-Transfer is the leading digital platform for sending and receiving money in Canada, with more than 158 million transactions made over the platform in 2016, up 50% from the previous year. With the its Bulk Disbursement capabilities, the Interac e-Transfer platform continues to be more deeply integrated into the digital payments ecosystem in Canada. Two new features, Request Money and Autodeposit were added to the Interac e-Transfer service in October 2017, making the service even more seamless for users.
With Interac e-Transfer Bulk Disbursement, businesses only require a recipient's e-mail address or mobile phone number to send a payment; no financial information is needed. A single file listing multiple payments is sent to a business's financial institution for processing, allowing the recipients to deposit their payment at a financial institution of their choice. This service offers greater flexibility, customization, security and more detailed reporting than other available payment methods.