{"id":74201,"date":"2017-04-11T23:29:00","date_gmt":"2017-04-11T23:29:00","guid":{"rendered":"https:\/\/interac1.wpengine.com\/content\/%content-category%\/interac-e-transfer-volumes-reached-record-levels-in-2016\/"},"modified":"2025-05-30T14:00:35","modified_gmt":"2025-05-30T18:00:35","slug":"interac-e-transfer-volumes-reached-record-levels-in-2016","status":"publish","type":"content","link":"https:\/\/www.interac.ca\/en\/content\/news\/interac-e-transfer-volumes-reached-record-levels-in-2016\/","title":{"rendered":"<i>Interac<\/i> e-Transfer volumes reached record levels in 2016"},"content":{"rendered":"<p style=\"text-align: center;\"><strong>New&nbsp;<em>Interac<\/em>&nbsp;e-Transfer capabilities set to transform money movement innovation in Canada<\/strong><\/p>\n<p><strong>TORONTO, April 11, 2017 \u2013<\/strong> Canadian consumers and businesses are using the <em>Interac<\/em> 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\u2019s 105 million transfers, according to data released today by Interac Association\/Acxsys Corporation (Interac). The total value of <em>Interac<\/em> e-Transfer transactions also reached a new high, with more than $63 billion transferred in 2016, representing an average transaction of $408.<\/p>\n<p>\u201c<em>Interac<\/em> e-Transfer is leading secure, real-time money movement innovation in Canada,\u201d said Mark O\u2019Connell, President and CEO, Interac Association and Acxsys Corporation. \u201cWe know Canadian consumers and businesses value the convenience and security of <em>Interac<\/em> e-Transfer today \u2013 and will no doubt find value in new enhancements that we\u2019ll bring to market in the coming months.\u201d<\/p>\n<p><em>Interac<\/em> 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 \u201cgood funds\u201d model in which a sender\u2019s 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.<\/p>\n<p>O\u2019Connell notes that the organization\u2019s mobile-first vision for the&nbsp;<em>Interac<\/em>&nbsp;e-Transfer platform became a reality in 2016, with almost 70 per cent of&nbsp;<em>Interac&nbsp;<\/em>e-Transfer notifications received on a mobile device.<\/p>\n<p>Later this year,&nbsp;Interac&nbsp;will introduce innovative capabilities to meet new and emerging user needs:<\/p>\n<ul>\n<li><strong>Request money<\/strong>: Send requests for money via&nbsp;<em>Interac&nbsp;<\/em>e-Transfer.<\/li>\n<li><strong>Recurring payments<\/strong>: Schedule future dated or recurring&nbsp;<em>Interac<\/em>&nbsp;e-Transfer transactions and money requests (e.g. schedule a transaction on a friend\u2019s birthday or recurring monthly rent payments).<\/li>\n<li><strong>Auto deposit<\/strong>: Receive&nbsp;<em>Interac&nbsp;<\/em>e-Transfer transactions and deposit funds directly into your account without the need to answer a security question.<\/li>\n<li><strong>Open access<\/strong>: Enable businesses to directly access payment services via APIs that leverage the&nbsp;<em>Interac<\/em>&nbsp;e-Transfer platform\u2019s money movement capabilities.<\/li>\n<\/ul>\n<p>\u201cSince it was first launched in 2002,&nbsp;<em>Interac<\/em>&nbsp;e-Transfer has grown to become a service that Canadians use daily with upwards of one million transactions sent on peak days,\u201d said O\u2019Connell. \u201cThroughout its growth and innovation, the fundamentals of the service remain the same \u2013 a real-time, good funds solution on the solid foundation of trust and familiarity of the&nbsp;<em>Interac<\/em>&nbsp;brand.\u201d<\/p>\n<h4><strong>About the&nbsp;<em>Interac<\/em>&nbsp;e-Transfer platform<\/strong><\/h4>\n<p><em>Interac<\/em>&nbsp;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.&nbsp;<em>Interac<\/em>&nbsp;e-Transfer and<em>&nbsp;Interac<\/em>&nbsp;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.<\/p>\n<p>Users can access the platform through a participating financial institution\u2019s online or mobile banking application to send money to anyone with an email address or mobile phone number and a bank account in Canada \u2013 without requiring any personal financial information. Transferred funds remain secure with financial institutions, which settle with each other through Payments Canada on advice from&nbsp;Interac. More than 250 financial institutions offer access to the&nbsp;<em>Interac&nbsp;<\/em>e-Transfer service.<\/p>\n<p>The&nbsp;<em>Interac<\/em>&nbsp;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.<\/p>\n<h4><strong>About&nbsp;Interac&nbsp;Association and Acxsys Corporation<\/strong><\/h4>\n<p>Together,&nbsp;Interac&nbsp;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\u2019s 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&nbsp;<a href=\"https:\/\/www.interac.ca\/\">Interac.ca<\/a>&nbsp;or follow us&nbsp;<a href=\"http:\/\/www.twitter.com\/interac\">@Interac<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO, April 11, 2017 \u2013 Canadian consumers and businesses are using the <i>Interac<\/i> 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\u2019s 105 million transfers, according to data released today by Interac Association\/Acxsys Corporation (Interac). The total value of <i>Interac<\/i> e-Transfer transactions also reached a new high, with more than $63 billion transferred in 2016, representing an average transaction of $408.<\/p>\n","protected":false},"author":1,"featured_media":78678,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"content-tags":[272,283],"content-category":[193],"spokespeople":[],"in_the_know_post_format":[173],"class_list":["post-74201","content","type-content","status-publish","format-standard","has-post-thumbnail","hentry","content-tags-interac-e-transfer","content-tags-payments","content-category-news","in_the_know_post_format-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Interac e-Transfer volumes reached record levels in 2016 - Interac<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interac.ca\/en\/content\/news\/interac-e-transfer-volumes-reached-record-levels-in-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interac e-Transfer volumes reached record levels in 2016\" \/>\n<meta property=\"og:description\" content=\"TORONTO, April 11, 2017 \u2013 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. 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