CIBC rolls out Interac e-Transfer system

The new feature is accessible through a CIBC Online Banking or CIBC Mobile Banking account.

As part of the new feature, CIBC clients can schedule Interac e-Transfer transactions up to five years in the future. CIBC is the first of the five major Canadian banking institutions to support such a feature.

Clients can schedule weekly, bi-weekly, monthly, quarterly, bi-annually, and annually payments. Additionally, the rollout of this feature includes the ability to view upcoming, successful, and unsuccessful transactions. Clients are also able to cancel upcoming payments if and when they choose to do so. Finally, CIBC clients can manage alerts for both successful and unsuccessful payments.

CIBC claims recent data shows approximately 20% of current Interac e-Transfer transactions are recurring. Additionally, roughly 56% of surveyed clients indicate the ability to schedule a transaction would be useful.