By leveraging Mastercard Send, a push-payments service that powers a faster, better, smarter way to send money cross border, the Interac e-Transfer platform will allow customers to send money from Canada to bank accounts internationally, starting with Europe. National Bank will be the first bank to pilot the new international remittance solution for its personal banking clients.
Canada is a large market for international payments, due to its diverse population and number of businesses that operate in an increasingly global marketplace. According to the latest data from World Bank, $24.5B in remittances were sent from Canada to other countries.1 With Mastercard and Interac’s combined offering, Canadians will be able to simply log in to their mobile or online banking services and send funds securely globally.
“Consumers and businesses today operate globally. Whether it’s travelling abroad, sending money to family or friends overseas, or purchasing products from a business in another country, the ability to move funds across borders quickly, easily and securely is becoming a must-have,” said Ramesh Jayakrishnan, director of Push Payments for Mastercard in Canada. “Financial institutions need cost-effective and trusted solutions to meet their customers’ expectations. This new offering will connect banks to Mastercard Send to help improve customer experience and future-proof their cross-border payment service, all while using the existing Interac e-Transfer platform.”
“Interac e-Transfer is the go-to way to move your money securely in Canada, as represented by the millions of people who use it each day for their personal and business affairs,” said Peter Maoloni, vice president, Product & Platform Delivery, Interac Corp. “We think this offering with Mastercard and National Bank to offer a cross-border solution that will leverage the trust and reliability of the Interac e-Transfer brand, will be a game-changer in international remittance – making it easier for financial institutions to connect to the networks, and for their customers to move their money internationally.”
“We’re delighted to team up with two trusted brands to launch a new digital solution that will speed up cross-border payments. This innovative offering meets a growing need to send funds quickly and securely and will have a positive impact on our clients. We look forward to deploying this valuable addition to our current digital banking experience,” said Gabrielle Cournoyer, vice president, Cards & Payment Solutions at National Bank.
The Mastercard and Interac solution will be made available for other financial institutions in Canada, where if implemented, they can choose to enable their customers to send money internationally to bank accounts, and eventually mobile wallets and cards.