Peoples Payment Solutions Ltd., part of Peoples Group, announced the new Interac e-Transfer® for Business, and its participation in the market launch. This enhanced Interac e-Transfer feature enables real-time digital payments for commercial transactions.
Focused on providing digital money movement to businesses, Peoples has added API access for Interac Auto-deposit and Interac Send e-Transfers, both in its classic form and via the newly launched Interac e-Transfer for Business service. These services complement the API toolkit that already supports Request Money and will enable Fintechs and Paytechs to increase their financial service offerings to Canadians.
The suite of Interac e-Transfer for Business features virtually eliminates delay in moving money digitally, provides immediate receipt confirmation to the sender, and accommodates the inclusion of additional payment information (such as invoice details). Real-time transfers are initiated using a recipient’s bank account number (generally available in a business client relationship), and funds are received within seconds.
The addition of account number routing to Peoples Payments’ product line provides more options for clients to move money digitally. These can be related to speed, data requirements and the amount of information needed to initiate Interac e-Transfer transactions. Fintechs and Paytechs can now access these additional options via API as they continue to innovate their financial services offerings to Canadian consumers and businesses.
“We’re excited to be a leader in bringing this latest new payment option to market and continuing in our promise to facilitate innovation of money movement.” said Howard Klein, President of Peoples Payments and Cards, part of Peoples Group.
Read more about the news here.