The Interac Expansion: Making E-Transfers Reach Farther
Canada's Interac debit network is expanding access to its e-Transfer service, welcoming players beyond traditional banks and credit unions. Wealthsimple is the first to gain provisional approval under the new rules.
Interac e-Transfer allows Canadians to transfer funds directly from their bank accounts to others using email addresses or mobile numbers. Previously, only federally regulated banks and provincially regulated credit unions could participate. Now, organizations that are both Fintrac-regulated money service businesses and regulated by the Canadian Investment Regulatory Organization can apply.
Jeremy Wilmot, Interac's CEO, highlights the move's importance in enabling secure innovation, saying, "By extending our trusted product and platform to new organizations, we will allow Canadian consumers and businesses to confidently transact in new ways."
Wealthsimple's CEO, Michael Katchen, looks forward to offering a better money movement experience, saying, "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."