Interac expanding e-transfer service, Wealthsimple to join
Posted Sep 27, 2023 6:26 am.
Interac Corp. is broadening the range of financial institutions that can participate in its e-transfer service.
The company says the move expands access beyond federally regulated banks and provincially regulated credit unions.
Interac says financial services provider Wealthsimple is set to become the first new participant under the expansion of the service.
Under the new rules, organizations that are both FINTRAC-regulated money service businesses and investment dealers regulated by the Canadian Investment Regulatory Organization can apply to become participants.
To join the e-transfer service, Interac says eligible financial institutions must meet all the same requirements and obligations as the existing participants.
The Bank of Canada provides oversight of the service, which is designated as a prominent payment system under the Payment Clearing and Settlement Act.
This report by The Canadian Press was first published Sept. 27, 2023.
The Canadian Press
