Interac launches e-Transfer® for Business!
Interac e-Transfer for Business successfully launched August 4th, bringing an innovative solution that builds on the widespread adoption of the Interac e-Transfer service. With this launch, several financial institutions are now enabled with real-time digital payments to personal and commercial bank accounts with funds received in seconds.
The PPJV is pleased to be a part of this, as we continue to make excellent progress on credit union onboarding for e-Transfer services with 16 credit unions now offering members e-Transfer functionality through the PPJV platform, which includes the ability to receive e-Transfers up to $25,000. PPJV has been working closely with credit unions and core and digital banking providers to support readiness for all functionality included with e-Transfer for Business, which includes the full, data-rich, real-time send and receive functionality. PPJV will continue to onboard credit unions onto the e-Transfer solution through the end of the year, which will include e-Transfer for Business functionality, and expects to introduce this functionality in Q4 2021.
Additionally, to facilitate the onboarding of credit unions onto the payments platform, a common integration layer, is under development that will support a faster, easier, and more cost-effective approach to credit union onboarding. More details will be shared on the Payments Integration Layer in the near future highlighting the opportunities and benefits that can be leveraged by credit unions.
Bringing e-Transfer for Business to our credit union partners is one of the many ways the PPJV is working collaboratively with credit unions to offer tangible and relevant solutions that deliver a competitive, modernized, payments platform and a strong foundation on which to build excellent member experiences.