Mastercard has partnered with Canadian interbank network Interac to provide Canadian customers a fast and secure way of transferring money internationally.
Interac e-Transfer platform will leverage Mastercard’s push payment service Mastercard Send to transfer money from Canada to other international bank accounts, beginning with Europe.
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National Bank will be the first to leverage the new remittance solution for its banking clients.
The new offering will enable Canadian customers to login to their online banking or mobile services and use Interac e-Transfer to send funds.
Interac Corp vice president for in product & platform delivery Peter Maoloni said: “Interac e-Transfer is the go-to way to move your money securely in Canada, as represented by the millions of people who use it each day for their personal and business affairs.
“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 – making it easier for financial institutions to connect to the networks, and for their customers to move their money internationally.”
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By GlobalDataAccording to World Bank’s recent data, $24.5bn was sent from Canada to other countries in remittance.
The new solution will soon be made available for other Canadian financial institutions.
Once implemented, the institutions can enable their customers to transfer money to international bank accounts. The service also aims to send money to mobile wallets and cards eventually.
National Bank vice president of cards & payment solutions Gabrielle Cournoyer said: “We’re delighted to team up with two trusted brands to launch a new digital solution that will speed up cross-border payments.
“This innovative offering meets a growing need to send funds quickly and securely and will have a positive impact on our clients. We look forward to deploying this valuable addition to our current digital banking experience.”
