Canada's Interac debit network is expanding access to its e-Transfer service, welcoming players beyond traditional banks and credit unions. Wealthsimple is the first to gain provisional approval under the new rules.
Interac e-Transfer allows Canadians to transfer funds directly from their bank accounts to others using email addresses or mobile numbers. Previously, only federally regulated banks and provincially regulated credit unions could participate. Now, organizations that are both Fintrac-regulated money service businesses and regulated by the Canadian Investment Regulatory Organization can apply.
Site: https://www.emeriobanque.com/news/the-interac-expansion-making-e-transfers-reach-farther
Tags: e-Transfer service, Interac e-Transfer service,
