Mastercard and Interac have announced the launch of international e-Transfers, utilizing the Mastercard Send push payments service for cross-border money transfers.
The new feature means Canadians “will be able to simply log in to their mobile or online banking services and send funds securely globally using the familiar Interac e-Transfer brand,” explains both companies in a press release.
At launch, personal banking customers from National Bank will be the first financial institution to pilot the international Interac e-Transfers, available to be sent from mobile or the web.
Ramesh Jayakrishnan, director of Push Payments for Mastercard in Canada, told iPhone in Canada in an issued statement, “Financial institutions need cost-effective and trusted solutions to meet their customers’ expectations. This new offering will connect banks to Mastercard Send to help improve customer experience and future-proof their cross-border payment service, all while using the existing Interac e-Transfer platform.”
“We think this offering with Mastercard and National Bank to offer a cross-border solution that will leverage the trust and reliability of the Interac e-Transfer brand, will be a game-changer in international remittance,” added Peter Maoloni, vice president, Product & Platform Delivery, Interac Corp., in a statement.
Mastercard and Interac note the solution will be offered for other banks in Canada and once enabled, will let customers “send money internationally to bank accounts, and eventually mobile wallets and cards.”