Skip to main content

Interac e-Transfer Disclosure

Interac e-Transfer was designated a Prominent Payment System (“PPS”) by the Bank of Canada (“the Bank”) on August 10, 2020.

The Bank of Canada Criteria and Risk-Management Standards for Prominent Payment Systems describes the risk management standards and key considerations that apply to PPSs. This document is intended to provide relevant disclosure to Participants (defined below) and stakeholders on Interac’s e-Transfer governance operations and risk management framework against the 18 PPS risk standards.

Interac and Interac e-Transfer – Key Information

Interac e-Transfer is a payment service that enables low value transactions for domestic digital money transfers within Canada. The domestic service is offered by over 250 Financial Institutions (“FIs”) and enables customers to instantly send, request and receive money between accounts using an email address or mobile phone number. The Interac e-Transfer service is directly integrated into the mobile and online banking platforms of these FIs.

Interac Corp. (“Interac”) is the organization that operates the Interac e-Transfer Service, along with other payment systems such as debit and automated banking machine (“ABM”) infrastructures. Interac is responsible for the functional and operational management, continual development, and commercialization of the service, which is then offered to participating FIs, or “Participants”.

Participants can be either Direct or Indirect Connectors, which describes how they access theService (defined below). Direct Connectors connect directly to the Service and Indirect Connectors connect through a Direct Connector or Connection Service Provider and both are signatories to a Participation Agreement (PA) for the Service. Downstream Entities, which include affiliates, credit unions and co-brand partners, gain access to the Service through a Participant and are not Participants to the Service.

Interac’s shareholders are a diverse body of financial services entities, including banks, credit unions, caisses populaires, and payment acquirers.

For the purposes of Interac’s self-assessment, the Interac e-Transfer and Interac e-Transfer Bulk Disbursement services listed below (together “the Service”) are in scope.

The following are Interac e-Transfer services:

  • Autodeposit / Alias Payment (“Autodeposit”)
  • Q&A Send Money
  • Request Money
  • Interace-Transfer for Business Real-time Account Number Routing Payment (“Interac e-Transfer for Business”)

The following is an Interac e-Transfer Bulk Disbursement service:

  • Bulk Disbursements / Bulk Payables / Bulk Receivables (“Interac e-Transfer Bulk”)

These services fall under PPS designation standards in that they represent domestic money movement and are offered as general Canadian financial services that impact end customer usage and have the potential to pose risks to economic activity through disruption / failure in the payments system.