Interac Association has today announced that MoneyGram will now be using its e-Transfer service called Interac e-Transfer Bulk Disbursement, bringing a new way for Canadians to receive payments sent through MoneyGram’s payment service. The service allows MoneyGram to deliver money to its Canadian recipients in real time, with instant pickup and real-time funds availability.
“Interac e-Transfer is a uniquely Canadian payments solution already used by hundreds of Canadian financial institutions and millions of businesses and consumers,” said Mark O’Connell, President and CEO, Interac Association and Acxsys Corporation. “MoneyGram’s decision to add Bulk Disbursement to move funds in Canada not only extends the reach and use of Interac e-Transfer, it also demonstrates our commitment to providing innovative solutions in the business payments space.”
The Interac e-Transfer service, with more than 158 million transactions made over the platform in Canada during last year, offers world-class fraud detection and security features. Each payment is password protected, and recipients can deposit their funds anywhere and any time they have access to online or mobile banking without having to provide their personal financial information. Last month, two new features, Request Money and Autodeposit were added to the Interac e-Transfer service, making it even more seamless for users.
With Interac e-Transfer Bulk Disbursement, businesses only require a recipient’s e-mail address or mobile phone number to send a payment; no financial information is needed. A single file listing multiple payments is sent to a business’s financial institution for processing, allowing the recipients to deposit their payment at a financial institution of their choice.
To learn more about the e-Transfer Bulk Disbursement service, visit this link.