Interac e-Transfer for Business solution facilitates real-time digital payments to personal and commercial bank accounts. Credit: James Hartono on Unsplash.

Canadian debit network Interac has launched the Interac e-Transfer for Business, expanding its e-Transfer service to businesses.

Launched in partnership with 13 Canadian financial institutions, the new solution facilitates real-time digital payments to personal and commercial bank accounts.

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The company claims that the solution will enable Canadian businesses to send and receive payments ‘faster and more efficiently than ever before’.

Interac e-Transfer for Business is said to provide payment confirmation under seconds, eliminating the need to follow up the suppliers.

It is also developed to minimise the time-consuming manual reconciliation processes through data-rich payments.

Furthermore, it provides users with the flexibility of sending funds directly to account numbers they have on record.

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This is in addition to traditional Interac e-Transfer payment routing options of an email address or mobile number.

Interac chief commercial officer William Keliehor called the new solution a ‘milestone’ in the modernisation of Canadian payments.

Keliehor said: “It reflects an increasing focus from Interac on the commercial market as we respond to the accelerating need for secure, data-rich, real-time business payments, made especially evident during the pandemic.”

Interac e-Transfer for Business provides transactional limits of up to $25,000, allowing commercial users to better manage their receivables and cash flow.

According to the company, the applications of this new solution span across a number of industries and business sizes.

A small business owner can use the solution to pay employees while spending less time on administration.

It will allow franchises to facilitate just-in-time vendor payments, while insurers can utilise it to distribute claims with funds received and available for use under seconds.

Interac Money Movement AVP Anurag Kar said: “Bringing the market together to create a simplified way to pay or be paid, which boosts cash flow management and overall efficiency, will help the thousands of businesses participating in Canada’s economic recovery.”

In June this year, Canadian fintech Clik2pay launched a seamless bill payment service using Interac e-Transfer.