Interac announced today that it has broadened access to additional types of financial institutions for participation in the Interac e-Transfer® service.
Since the launch of the Interac 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 e-Transfer available to their customers.
Among the new Interac e-Transfer participants is Wealthsimple, a leading Canadian provider of digital financial services, hwo has received provisional approval to join the network.
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 e-Transfer service.
Wealthsimple’s easy-to-use platform provides millions of Canadians with access to managed investing, self-directed trading, cryptocurrency, spending, saving, and tax filing services.
“This announcement is a testament to Wealthsimple’s 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,” said Michael Katchen, Wealthsimple CEO.
“We look forward to joining the Interac e-Transfer service as a participant and providing the millions of Canadians that choose Wealthsimple an even better money movement experience.”
To join the Interac 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 e–Transfer service, which is designated as a prominent payment system under the Payment Clearing and Settlement Act.
“The Interac e-Transfer service has seen tremendous growth in recent years – in 2022, Canadians completed over one billion transactions and the service is increasingly being leveraged by businesses and governments, in addition to consumers,” said William Keliehor, Chief Commercial Officer at Interac.
“By 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.”