Backed by 13 of Canada’s leading financial institutions, Interac is launching its new Interac e-Transfer for Business, an innovative solution that builds on the widespread adoption of the Interac e-Transfer service, enabling real-time digital payments for businesses.
With over 83% of business leaders calling for new commercial payment products as part of their post-pandemic digital transformation, Interac e-Transfer for Business will allow Canadian businesses to send and receive payments faster and more efficiently than ever before from the safety and security of their financial institution.
Research shows that Canadian businesses are still reliant on cheques, with over 389 million commercial cheques in the 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 upwards of 200 million of these cheques.
“The launch of Interac e-Transfer for Business in collaboration with Canada’s banking and credit union community marks a milestone in the modernization of Canadian payments and provides a timely solution as businesses embrace financial transformation to aid their recovery and growth plans,” said William Keliehor, Chief Commercial Officer at Interac.
Interact currently connects nearly 300 financial institutions and collaborates within the payments ecosystem to deliver transformative products that meet the changing needs of Canadians.