Interac, with the support of 13 Canadian financial institutions, has launched Interac e-Transfer for Business, a solution that builds on the widespread adoption of the Interac e-Transfer service.
The solution enables real-time digital payments to personal and commercial bank accounts with confirmation of funds received within seconds, according to the official press release. Users can also send funds directly to account numbers they have on record, in addition to traditional Interac e-Transfer payment routing options of an email address or mobile number.
The applications of Interac e-Transfer for Business also span multiple industries and business sizes. A small business owner can use the solution to pay employees, a franchise can facilitate just-in-time vendor payments, while an insurance company can leverage it to distribute claims with funds received and available for use within seconds.
Interac connects nearly 300 financial institutions and collaborates within the payments ecosystem to deliver products that meet the needs of Canadians. The company is working with Payments Canada as the exchange solution provider for the country's new Real-Time Rail (RTR), a new real-time payments system. Once the RTR is live, Interac e-Transfer for Business payments will utilise the new RTR exchange for processing.
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