Canada: Interac and nanopay collaborate for international real-time transfers

Interac Association has partnered with nanopay Corporation to develop a new digital payment solution that enables users to transfer funds securely and in real-time from Canadian bank accounts to high-volume remittance corridors, starting with India. Through the Interac e-Transfer platform, senders will be able to send money to an eligible Indian bank account using a personal email address or mobile phone number, with instant notifications sent to the recipient.

The only difference to a standard Interac e-Transfer is additional information on the beneficiary of the funds will be required to comply with regulatory requirements. There are also plans to expand the service to other international markets in due course.

Debbie Gamble, Vice President of Product and Platform Development at Interac commented, “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”.

While it has yet to be announced when the service will be available to Canadian consumers, Interac and nanopay are working together to bring the capability to financial institutions across the country. The move appears to be well timed, as according to RFi Group data, 1 in 3 Canadians that have transferred money internationally would prefer to do so via Interac e-Transfer – a significant increase from 18% a year ago – highlighting a growing appetite for cross-border digital payment options.

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