Nanopay and Interac to expand into cross-border payments

Monday 9 July 2018 13:26 CET | News

Nanopay has announced it is planning on adding bank, processor and accounting software partners for a B2B cross-border and domestic transfer service.

Nanopay’s only publicly-named partner is Interac, Canadas debit network. The partnership involves Interac and Nanopay collaborating to add cross-border capabilities to the Interac e-Transfer P2P and B2B transfer service. This means Interac e-Transfer will support settlement across different currencies for high-volume remittance corridors, such as between Canada and India. The two companies also plan to offer transfers from Canada to China and the US.

Interac is open to collaborating with Canadian and foreign fintechs to enhance its product offerings. In June 2018, Interac said it is working with international payments service provider Bambora to enable Canadians to use Interac Debit for e-commerce purchases from merchants domestically and cross-border. In November 2017, Interac, which already has an agreement with Western Union, partnered with MoneyGram to support payments sent through MoneyGrams service.

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Keywords: nanoPay, Inerac, cross-border payments. B2B, domestic transfer service, cross-border transfer service, e-Transfer P2P, high-volume remittance corridor
Countries: World