For a lot of Canadian businesses, payment processes haven’t evolved as quickly as the rest of their operations. Cheques still get mailed. Bank account details still get entered and confirmed manually. And when something goes wrong, like when a payment is late, missing, or sent to the wrong person, someone on the team has to stop what they’re doing and fix it.
Anyone who’s ever waited for a cheque in the mail, or had to re-issue one, knows how easily traditional payment methods can fall short. Delays, losses, and fraud risks come with the territory and for businesses disbursing claims, benefits, or investment earnings, those issues can scale quickly. That’s why more and more businesses are starting to take a closer look at how they manage recurring payments and direct deposits.
One of the tools gaining traction? Digital verification.
A faster, more secure way to move money.
Verification might seem like a smaller back-end detail in the broader payment process, but it has a big impact. Interac verification service helps businesses confirm account information by having customers log into their online banking, all before any money changes hands. It’s already used by over 28 million Canadians1, and for good reason. Instead of asking for manual uploads, customers verify their information directly with their financial institution. No paper forms. No sensitive data stored. No back and forth.
For businesses, that means less time chasing documents or fixing errors and more time to focus on what they do best.
Better for businesses. Better for customers.
Convenience is one thing, but trust is just as important. In a time when Canadians are growing more cautious about how their personal data is handled, solutions that help customers confirm their identity in a secure, private and convenient way aren’t just a nice-to-have, they’re a necessity.
Interac verification service supports both sides of the equation. It allows businesses to confirm information directly with a customer’s financial institution, while they maintain control of the data within their own systems.
Make direct deposit seamless from the start.
Direct deposit has become a preferred way to issue payments, from insurance claims and investment earnings to employee payroll and government benefits. But even a simple direct deposit requires one critical step: confirming that the payee is who they say they are, and that the account details are accurate. With Interac verification service, that step becomes faster and more secure.
Businesses using Interac verification service for direct deposit are seeing measurable results:
- Reliable fund access: Customers receive funds via electronic funds transfers—no cheques, no waiting for mail.
- Reduced fraud risk and errors: Verifying payee details in advance prevents misdirected or fraudulent payments.
- Lower costs: Automated disbursements minimize manual processing and administrative work.
This is especially valuable during high-volume periods or disruptions like postal delays, when cheque delivery becomes unreliable. With verification built in, businesses can stay agile, responsive, and consistent, even under pressure.
Simplify your pre-authorized debit set up.
Pre-authorized debit is widely used by businesses with ongoing customer relationships—think insurance providers, utility companies, subscription services, and landlords. But recurring payments are only reliable when set up properly from the start.
Interac verification service helps businesses onboard customers for pre-authorized debit by verifying both their identity and bank account ownership up front. That small step can reduce payment failures, disputes, and the need for follow-up.
- Verified customer info: Account details are confirmed before the first withdrawal.
- Fewer late or missed payments: Keeps revenue flowing by avoiding interruptions.
- Lower fees: Pre-authorized debit transactions cost less to process than credit card payments.
With rising demand for secure, automated billing options, verified pre-authorized debit setup offers businesses a way to deliver on both convenience and consistency, without increasing overhead.
Why it matters now more than ever.
More and more businesses are feeling the pressure to reduce fraud, improve cash flow, and automate wherever they can. In fact, 65% of Canadians polled by Interac said they wish there were more convenient ways to verify identity online*. At the same time, 8 in 10 business decision makers agree that digital verification solutions make their organization safer and equally critical for customers and employees.**
Interac verification service is already delivering positive outcomes for early adopters, many of whom are using it to streamline claims disbursements, government benefits, payroll, and subscription billing. That’s because the service is flexible, secure, and designed to support real-time fund access without compromising privacy.
Built for today—and ready for what’s next.
The verification needs of businesses aren’t standing still, and neither is Interac verification service. As payment systems continue to evolve, digital verification will be a key part of helping businesses keep up, so they can move faster, minimize risk, and build better experiences right out of the gate.
Learn how Interac verification service can work for your business.
*Interac survey, January 2023 Total: 1,500 respondents https://www.interac.ca/en/content/news/control-is-top-of-mind-for-canadians-when-it-comes-to-online-personal-information-according-to-new-data-privacy-week-poll/
** Interac Report, August 2023 Total: Insights From Canadian Business Decision Makers, visit https://www.interac.ca/wp-content/uploads/2023/08/EN_Interac_Digital-Verification-in-Canada-Digital-Report.pdf
1Based on internal Interac data as of Nov 2023, comprised of Interac sign-in service and GCKey users. GCKey is an Interac Verified service that issues a unique electronic credential that allows users to communicate securely with select online government services.
