Wealthsimple becomes the first new player to join Interac’s e-Transfer service
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Canada’s debit network Interac has announced recently that it intends to expand access to its popular e-Transfer service, and accept other entities beyond just regulated banks and credit unions.
We're broadening access to INTERAC e-Transfer services to include additional financial institutions providing Canadians options to confidently transact. @Wealthsimple received provisional approval to join INTERAC e-Transfer as a participant. Release here: https://t.co/FNciEV0QdC
— INTERAC (@INTERAC) September 27, 2023
So far, the first new member/user of the service is Wealthsimple, which has already received provisional approval to become a participant.
e-Transfer opens up to new partners
Interac’s e-Transfer has attracted a lot of attention, as it allows Canadian users to send money from their bank accounts to accounts of businesses and other customers directly. All they need to do is use their mobile number or an email address.
The ease of use that the service has offered has opened the door to countless customers, as its simplicity makes it accessible to pretty much everyone. However, since the service was launched, Interac only granted access to a few financial businesses, focusing on federally regulated banks in addition to provincially regulated credit unions.
Interac seemingly wanted to play it safe at first, but now, it is ready to open participation to new entities. According to its new set of rules, any money service businesses regulated by Fintrac, as well as any investment dealers regulated by the Canadian Investment Regulatory Organization, are allowed to apply. Applying does not carry a guarantee of approval, but it is the first step for any eligible entity that wishes to join.
Interac will keep the highest security standard of its service
Interac’s CEO, Jeremy Wilmot, commented on the decision: “I’m thrilled to accelerate our impact in the market by broadening access to the Interac e-Transfer service to an expanded category of financial institutions.” By extending the product and platform to new organizations, Interac will allow Canadian businesses and customers to confidently transact in new ways.
However, he added that it is important to the company to still maintain the highest security standards and ensure that its service will remain as reliable and as safe as it has been until now.
As mentioned, Wealthsimple is the first organization that fits the mentioned requirements, and Interac has already approved its participation with its service. Wealthsimple’s CEO, Michael Katchen, commented on the move by saying that his organization is looking forward to joining e-Transfer.
As a participant in such an advanced and popular service, Wealthsimple will be in a position to provide millions of Canadians with a better money movement experience than ever before.
