Interac e-Transfer


Interac e-Transfer is one of the fastest and safest ways to send, request and receive money from one bank account to another all through online or mobile banking.

Key features

  • Real-time, good funds.
  • Easy and convenient – consumers only need a recipient’s email address or mobile number.
  • World-class fraud scoring engine to ensure validity of sender, requestor, and recipient.

Who can use it

Banks, Financial Institutions or Credit Unions. For more information, please visit here.

How it works

  1. Financial institutions (FI) interested in joining the Interac e-Transfer platform must sign and return a participation agreement.
  2. Once complete, the FI is then considered a ‘Participant’. Being a member of the network allows for transactions to flow easily between Participants.
  3. The Interac e-Transfer is an Application Service Provider (ASP) model, with an XML based interface, that integrates with a Participant’s online and mobile banking applications.
  4. The Interac e-Transfer platform, facilitates the communication between Participants, keeping track of the exact status of each e-Transfer.
  5. The Participant’s banking application communicates with the Interac e-Transfer platform through a set of web services.
  6. The system supports a specific set of messages, as basic building blocks that allow Participants to create their user scenarios, such as: Send Transfer, View Transfer History, Maintain Customer Profile.
  7. The Participant’s banking system starts a Web Service request depending on what the Customer asks for. The Interac e-Transfer system processes the request and sends back a response.
  8. Funds are exchanged between suspense accounts at each Participant.
  9. A transfer is made by sending and receiving funds to and from suspense accounts at the sending and receiving FIs.
  10. Once the e-Transfer has been successfully completed by the Recipient, the funds are transferred from the suspense account at the receiving FI to the Recipient’s account.
  11. Funds are then transferred from sending FI’s suspense account to the suspense account at the receiving FI using the Payments Canada’s Large Value Transfer System (LVTS).
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