Canadian debit network Interac is broadening access to its e-Transfer service beyond regulated banks and credit unions, with Wealthsimple the first new player to join.
Interac e-Transfer lets Canadians send money directly from their bank accounts to the accounts of other consumers and businesses, using their email address or mobile number.
Since launch, federally regulated banks and provincially regulated credit unions have been eligible for participation in the service.
Under new rules, firs that are both Fintrac-regulated money service businesses and investment dealers regulated by the Canadian Investment Regulatory Organization can apply to become participants.
Jeremy Wilmot, CEO, Interac, says: "By extending our trusted product and platform to new organizations, while maintaining high security standards, we will allow Canadian consumers and businesses to confidently transact in new ways."
Wealthsimple is the first such organisation to receive provisional approval to join the service as a participant.
Michael Katchen, Wealthsimple CEO, says: "We look forward to joining the Interac e-Transfer service as a participant and providing the millions of Canadians that choose Wealthsimple an even better money movement experience."