{"id":143436,"date":"2023-09-27T07:00:00","date_gmt":"2023-09-27T11:00:00","guid":{"rendered":"https:\/\/interac1.wpengine.com\/?post_type=content&p=143436"},"modified":"2025-09-22T13:25:47","modified_gmt":"2025-09-22T17:25:47","slug":"interac-broadens-access-to-the-interac-e-transfer-service","status":"publish","type":"content","link":"https:\/\/www.interac.ca\/en\/content\/news\/interac-broadens-access-to-the-interac-e-transfer-service\/","title":{"rendered":"Interac broadens access to the Interac<\/i> e-Transfer\u00ae service"},"content":{"rendered":"\n

Wealthsimple set to join the Interac e-Transfer service<\/em><\/p>\n\n\n\n

TORONTO, September 27, 2023<\/strong> \/CNW\/ – Today, Interac Corp. (Interac) announced that it has broadened access to additional types of financial institutions for participation in the Interac<\/em> e-Transfer\u00ae service. Wealthsimple, a leading Canadian provider of digital financial services, has received provisional approval to join the Interac<\/em> e-Transfer service as a participant.<\/p>\n\n\n\n

\u201cI\u2019m thrilled to accelerate our impact in the market by broadening access to the Interac<\/em> e-Transfer service to an expanded category of financial institutions,\u201d said Jeremy Wilmot, President & CEO at Interac. \u201cFinancial services are evolving, and an increasing number of Canadians are using innovative new offerings. By extending our trusted product and platform to new organizations, while maintaining high security standards, we will allow Canadian consumers and businesses to confidently transact in new ways.\u201d<\/p>\n\n\n\n

Since the launch of the Interac <\/em>e-Transfer service, federally regulated banks and provincially regulated credit unions have been eligible for participation in the service. Now, organizations that are both FINTRAC-regulated Money Service Businesses (MSBs) and investment dealers regulated by the Canadian Investment Regulatory Organization (CIRO) can apply to become participants and make Interac<\/em> e-Transfer available to their customers.<\/p>\n\n\n\n

Wealthsimple is set to become the first new participant under this broadened access, joining over 280 financial institutions in enabling customers to send, request and receive money between accounts using the Interac <\/em>e-Transfer service. Wealthsimple\u2019s easy-to-use platform provides millions of Canadians with access to managed investing, self-directed trading, cryptocurrency, spending, saving, and tax filing services.<\/p>\n\n\n\n

\u201cThis announcement is a testament to Wealthsimple\u2019s impact on the Canadian financial ecosystem, the significant investments we have made in product innovation and our commitment to becoming a world-class financial institution,\u201d said Michael Katchen, Wealthsimple CEO. \u201cWe look forward to joining the Interac <\/em>e-Transfer service as a participant and providing the millions of Canadians that choose Wealthsimple an even better money movement experience.\u201d<\/p>\n\n\n\n

\u201cThe Interac <\/em>e-Transfer service has seen tremendous growth in recent years \u2013 in 2022, Canadians completed over one billion transactions and the service is increasingly being leveraged by businesses and governments, in addition to consumers,\u201d said William Keliehor, Chief Commercial Officer at Interac. \u201cBy providing Canadians with reliable access to funds and enhanced features, the service has become instrumental in facilitating economic activity and digital commerce across Canada over the last 20 years.\u201d<\/p>\n\n\n\n

To join the Interac<\/em> e-Transfer service, eligible financial institutions must undergo a rigorous application process and meet all the same requirements and obligations as existing participants. The Bank of Canada provides oversight of the Interac<\/em> e\u2011Transfer service, which is designated as a prominent payment system under the Payment Clearing and Settlement Act<\/em>.<\/p>\n\n\n\n

Key facts about the Interac<\/em> e-Transfer service:<\/strong><\/p>\n\n\n\n