In this, the second of three blog posts on Faster Payments, we look at the specific capabilities offered by our INTERAC e-Transfer® platform, and some of the use cases they enable.
As we discussed in the previous post in this series, moving money quickly has been a long-term goal of the financial services industry. But while speed is certainly a valuable objective for all sorts of reasons, it is critically important to complement speed with other value propositions. This post highlights several features offered by INTERAC e-Transfer that singly or together enable valuable use cases by individuals, businesses, and financial institutions in Canada.
Instant Transfers: It enables the identification of a recipient through only their email address or mobile phone number and, once a transfer is accepted by a recipient, the movement of funds instantly from sender to receiver through the security of online banking channels. No financial information is required. These capabilities have made P2P money transfer in Canada a daily, routine success story. Any two people can complete a transaction with each other (purchasing a record player at a garage sale), share costs (settling your share of a movie ticket, before the movie begins), and help out (getting cash ASAP to a friend in need).
Limits: Financial institutions can set specific limits regarding the amount of money that a customer can send in a given period of time versus relying on generic defaults. This helps increase customer use of the product, as customers can get instant zero delay transfers, while also mitigating potential fraud. Importantly, setting “limit groups” enables administrators to customize limits by customer segment, allowing financial institutions to differentiate service levels on a much more granular basis. Segments with low amounts of observed fraud can establish transaction limits that are higher than the average – something that can be offered to customers as a paid option or as a complimentary bonus, as the financial institution chooses.
Fraud management: The platform includes world-leading fraud management capabilities, driven by deep analytics, a scoring engine and continuous feedback loops to stay ahead of evolving fraud techniques and trends. While this has clear benefits for smaller value P2P transactions, strong fraud management has even greater benefit for B2B transactions, as businesses can have confidence selling larger-value goods and services to business customers where there is not an established relationship (for example, through an e-commerce channel), with the added benefit of funds available without delay.
This is just a glimpse of the capability set that INTERAC e-Transfer offers right now and of how those capabilities translate into tangible value for users every day. In the near future, we’ll be rolling out additional features for INTERAC e-Transfer that will enable new and even more valuable use cases, particularly for businesses ranging from start-ups to established businesses. Watch this space.