Interac Supports Instant Digital Payments via Interac e-Transfer for Business

​Interac Corp., a Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions, announced that it has launched Interac e-Transfer for Business, an innovative solution that builds on the widespread adoption of the Interac e-Transfer service.

The launch comes as most of the business leaders are calling for new commercial payment products as part of their post-pandemic digital transformation. Interac e-Transfer for Business will enable real-time digital payments to personal and commercial bank accounts with confirmation of funds received within seconds.

With higher transactional limits of up to $25,000 and flexible payment routing options, this solution gives commercial users more choice, a higher level of efficiency and control in managing receivables and cash flow.

Users will also have the added flexibility of sending funds directly to account numbers they have on record, in addition to traditional Interac e-Transfer payment routing options of an email address or mobile number. 

“Business owners told us they want to spend less time on transactional processes and more time focused on the growth of their business, and Interac e-Transfer for Business was developed with this in mind,” said Anurag Kar, AVP, Money Movement, Interac Corp. “Bringing the market together to create a simplified way to pay or be paid, which boosts cash flow management and overall efficiency, will help the thousands of businesses participating in Canada’s economic recovery.”