Interac Launches Real-time Payment Service

Interac Corp., along with 13 Canadian financial institutions, is launching 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. The service comes in response to changing needs of businesses post pandemic. A study from Interac shows that more than eight in 10 business leaders want new commercial payment products as part of their post-pandemic digital transformation. Businesses are still reliant on cheques, with over 389 million commercial cheques in market in 2019 representing an average value of $9,000 each. With higher limits of up to $25,000, Interac e-Transfer for Business transactions have the potential to displace many of these cheques. The service allows businesses to spend less time on transactional processes and more time on higher value-add functions.