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November 30, 2017

Interac e-Transfer partners nanopay to facilitate international money transfer

Interac e-Transfer, a funds transfer service operated by Interac Association and Acxsys Corporation, has partnered with nanopay Corporation to enable its users to digitally transfer money to any bank account across the world instantly.

Under the agreement, nanopay’s technology will be integrated with Interac’s payments system.

The real-time payment platform, which provides instant settlement across a variety of currencies, will start the service with India.

Interac e-Transfer’s user experience will be used by the jointly developed service to transfer fund from a Canadian account to an eligible Indian bank account.

Through the service, senders will identify a personal email address or mobile phone number through a participating financial institution’s online or mobile banking application. An instant notification will be sent to the recipient.

To ensure regulatory and compliance requirements are met, additional information about the beneficiary of the funds will be needed as compared to Interac e-Transfer.

Commenting on the agreement, Interac vice president of product and platform development Debbie Gamble said: “Bringing another real-time digital payment option to Canadians to send money to relatives, friends or businesses around the world is very exciting.

“Taking a made-in-Canada, ubiquitous and scalable platform like Interac e-Transfer and integrating it with a savvy fintech force like nanopay will open up more access points, choice, convenience and control for Canadians to move their money.”

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