New Interac e-Transfer capabilities set to transform money movement innovation in Canada
TORONTO, April 11, 2017 – Canadian consumers and businesses are using the Interac e-Transfer service at record levels with more than 158 million transfers made over the platform in 2016. This volume is up almost 50 per cent from the previous year’s 105 million transfers, according to data released today by Interac Association/Acxsys Corporation (Interac). The total value of Interac e-Transfer transactions also reached a new high, with more than $63 billion transferred in 2016, representing an average transaction of $408.
“Interac e-Transfer is leading secure, real-time money movement innovation in Canada,” said Mark O’Connell, President and CEO, Interac Association and Acxsys Corporation. “We know Canadian consumers and businesses value the convenience and security of Interac e-Transfer today – and will no doubt find value in new enhancements that we’ll bring to market in the coming months.”
Interac e-Transfer is a digital money transfer platform for every type of transaction: person-to-person (P2P), person-to-business (P2B), business-to-person (B2P) and business-to-business (B2B). Based on a “good funds” model in which a sender’s funds are immediately removed from their account upon making a payment or transfer, the service offers real-time capabilities with 65 percent of transfer notifications received instantly.
O’Connell notes that the organization’s mobile-first vision for the Interac e-Transfer platform became a reality in 2016, with almost 70 per cent of Interac e-Transfer notifications received on a mobile device.
Later this year, Interac will introduce innovative capabilities to meet new and emerging user needs:
- Request money: Send requests for money via Interac e-Transfer.
- Recurring payments: Schedule future dated or recurring Interac e-Transfer transactions and money requests (e.g. schedule a transaction on a friend’s birthday or recurring monthly rent payments).
- Auto deposit: Receive Interac e-Transfer transactions and deposit funds directly into your account without the need to answer a security question.
- Open access: Enable businesses to directly access payment services via APIs that leverage the Interac e-Transfer platform’s money movement capabilities.
“Since it was first launched in 2002, Interac e-Transfer has grown to become a service that Canadians use daily with upwards of one million transactions sent on peak days,” said O’Connell. “Throughout its growth and innovation, the fundamentals of the service remain the same – a real-time, good funds solution on the solid foundation of trust and familiarity of the Interac brand.”
About the Interac e-Transfer platform
Interac e-Transfer, a digital money transfer platform, is the fastest and safest way for Canadians to transfer money directly from one bank account to another. Interac e-Transfer and Interac e-Transfer Bulk Disbursement are relied upon to send and receive money securely, conveniently and efficiently via 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 platform through a participating financial institution’s online or mobile banking application to send money to anyone with an email address or mobile phone number and a bank account in Canada – without requiring any personal financial information. Transferred funds remain secure with financial institutions, which settle with each other through Payments Canada on advice from Interac. More than 250 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, 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.
About Interac Association and Acxsys Corporation
Together, Interac Association and Acxsys Corporation operate an economical, world-class debit payments system with broad-based acceptance, 24/7/365 reliability, security, and efficiency. The organization is Canada’s leading payments brand and is chosen an average of 16 million times daily to pay and exchange money. For more than 30 years, it has facilitated secure financial transactions through the development of innovative and convenient digital debit and money transfer solutions. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Visit Interac.ca or follow us @Interac.