Blog|Faster Payments

Infographic: What is Autodeposit?

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In 2016, Canadians transferred over $60 billion using Interac e-Transfer. This included business-to-person, person-to-person, person-to-business and business-to-business payments. Last month we announced a new feature added to the e-Transfer platform: Autodeposit (along with Request Money).

With autodeposit, e-Transfer users no longer have to worry about creating a security question to send money to anyone who has registered. The new feature makes it easy to receive money: registered users no longer need to answer a security question to authorize e-transfer deposits.

Payments made to a business or person can be deposited automatically, as long as the registration has been completed at the financial institution. This infographic provides a high-level overview of how the autodeposit feature works. Click the image to download a copy.

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