By leveraging Mastercard Send, a push-payments service that powers a streamlined way to send money across borders, the Interac e-Transfer platform will allow customers to send money from Canada to bank accounts internationally, starting with Europe. National Bank will be the first bank to pilot the new international remittance solution for its personal banking clients.
Canada is a large market for international payments, due to its diverse population and number of businesses that operate in an increasingly global marketplace. According to the press release, the latest data from World Bank shows that USD 24.5 billion in remittances were sent from Canada to other countries. With Mastercard and Interac’s combined offering, Canadians will be able to log in to their mobile or online banking services and send funds globally using the Interac e-Transfer brand.
The Mastercard and Interac solution will be made available for other financial institutions in Canada, where, if implemented, they can choose to enable their customers to send money internationally to bank accounts, and eventually mobile wallets and cards.
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