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May 26, 2020

XTM using Interac platform to expands cashless ecosystem

Canadian fintech venture XTM has said that it is using the Interac Bulk eTransfer solution offered by Royal Bank of Canada (RBC) to enable its business customers support near real time payments.

The fintech company said that the solution will allow its clients as well as users of Today mobile to transfer money in near real-time to any bank in Canada.

Merchants can transfer funds faster by sending a batch file or use a XTM API with only a mobile phone or an email address and dollar amount as the required fields.

The solution requires businesses to share no other information or banking details.

It also allows users to set up auto-deposit for a completely automated solution without any additional intervention by the user to deposit amount instantaneously.

XTM added that it also working an API that will facilitate free bank to bank transfers for businesses looking to transfer money to consumers in through Interac Bulk e-Transfer.

The solution, according to the company, will enable the recipient to select any bank account to transfer the funds next business day using Electronic Funds Transfer (EFT).

It is claimed that this is a ‘first-of-its-kind’ free transfer service that enables the recipient to decide if they want next day funds for free or instant funds for a small fee.

XTM CEO Marilyn Schaffer said: “Deepening our relationship with RBC is critical to our success. Delivering real-time banking solutions, with Covid-19 changing the way individuals and businesses treat cash, makes XTM a catalyst in eliminating cash from the payment ecosystem.”

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