Interac announced it has broadened access to its Interac e-Transfer service to include qualifying Payment Service Providers (PSPs). Here are the top things you need to know about the new expansion.
1. Is Interac broadening access to its Interac e-Transfer service?
Interac has broadened access to its Interac e-Transfer service to include PSPs that are both registered under the Retail Payment Activities Act (RPAA) and registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This change was approved by the Bank of Canada and allows more types of financial institutions – particularly fintechs – to become participants of the Interac e-Transfer platform.
2. What is the Retail Payment Activities Act (RPAA)?
The RPAA is an act to regulate PSPs becoming effective on September 8, 2025. PSPs planning to operate in Canada must register with the Bank of Canada under the RPAA.
3. What does this expansion mean for Canadians?
This means Canadians can expect to see more innovative payment options and services integrated with Interac e-Transfer, while maintaining the same high standards of security and reliability.
4. What does this mean for PSPs?
If you’re a PSP registered under the RPAA and you are a registered FINTRAC MSB, this change means you may now be eligible to become a Participant in the Interac e-Transfer service. This opens up new opportunities to offer your customers secure, real-time money movement capabilities through one of Canada’s most trusted payment networks.
5. As a Payment Service Provider (PSP), how can I participate?
To participate, you must meet the Interac technical and operational requirements, in addition to being registered with the Bank of Canada under the RPAA and a registered FINTRAC MSB.
6. Who can apply?
The following financial institutions are eligible to become Participants on the Interac e-Transfer Service:
- providing regulated financial services in Canada as:
- a bank; or
- both an investment dealer regulated by the Canadian Investment Regulatory Organization and a FINTRAC-registered Money Services Business;
- both payment service providers (“PSPs”) regulated under the RPAA and FINTRAC-registered Money Services Businesses (“MSBs”).
- a Central Cooperative Credit Society, a Cooperative Credit Association or a local cooperative credit society;
- a foreign bank operating at least one full-service branch in Canada;
- a foreign life insurance company; or
- a trustee of a qualified trust.
7. Where should my organization apply?
If you are interested in getting more information, please email newapplicants@interac.ca and Interac will get back to you as soon as possible.
8. What does the Interac approval process for PSPs look like?
Interac follows a thorough compliance and due diligence evaluation process for all applicants. PSPs applying for access to Interac e-Transfer can expect the application review to take approximately 3 to 6 months.
9. Once approved, how long until I am connected to the Interac e-Transfer service?
PSPs will have multiple paths to access – with the option to connect to Interac e-Transfer either directly or indirectly. Depending on the approach and resources available, it can take up to 18 months to connect to the Interac e-Transfer network. For further questions, please contact newapplicants@interac.ca.
10. Will any fees apply to applicants?
Yes, applicants should be aware of onboarding fees, monthly fees and transaction fees. Please see our fees schedule here for details.
11. Will PSPs who currently use Interac e-Transfer need to become Participants?
No, the existing ways PSPs use Interac e-Transfer will continue to exist. PSPs will have multiple paths to access – with the option to connect to Interac e-Transfer either directly or indirectly.
