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.