Interac Launches e-Transfers for Business Payments

Intarac, the Canada-based payments processing company, has announced the launch of e-transfers for larger business payments so that companies would be able to transfer large funds within seconds.

Most of the attention that the payments industry has been getting nowadays has been focussed on the retail segment. All the major companies in the payments industry have been develpoing platforms and feautures that look to capture tha attention of the retail user and also continue to plan their expansion and growth surrounding this retail segment. Very little attention has been paid to the business segment which involve big ticket transfers and which continues to struggle with delays and other reliability issues.

“The launch of Interac e-Transfer for Business in collaboration with Canada’s banking and credit union community marks a milestone in the modernization of Canadian payments and provides a timely solution as businesses embrace financial transformation to aid their recovery and growth plans,” William Keliehor, chief commercial officer at Interac, said.

It is only now that few companies have started paying attention to this segment and Interac has been pushing the limits where it says that it can process payments of more than $15,000 per transaction within seconds and this should help businesses immensely. Many companies continue to use checks which leads to many issues surrounding logictics and time delays as well. Interac hopes to solve these issues by this partnership with 13 financial institutions in Canada.

Anurag Kar, AVP, money movement, Interac, said: “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.”

Digital transformation is key for the growth of companies as it would help them handle their funds in a more efficient and structured manner. This is also reported to be what many CEO of companies wish for and it is time that the transformation happens for this segment. Fintech companies have started to notice this gap in this industry and have since started working to close this gap so that the benefits of digitalisation flows to the businesses as well.