Interac-linked partners initiate real-time payment service rollout in Canada
In a significant move for the Canadian business landscape, Accept/Pay Global, formerly known as EFT Canada, has launched Real-Time Payments with Interac. This innovative solution is designed to streamline collections and disbursements for enterprise customers and financial platforms, offering numerous benefits that centre on speed, efficiency, and automation.
The key advantages of Real-Time Payments (RTP) with Interac include faster cash flow, high transaction limits and volume, simplified onboarding and payment collection, automated reconciliation and processing, enhanced security, and digital verification. Payments occur in real time or within 30 minutes, enabling urgent use cases such as payroll, gig economy payouts, instant reimbursements, and loan disbursements. The solution supports sending up to $25,000 per transfer and managing up to 100,000 transactions per day, making it suitable for businesses with high payment volumes.
Customers only need an email or phone number to receive payments, eliminating manual collection of account details and onboarding friction. Incoming payments can be linked with purchase order numbers, invoice references, and due dates, enabling automated receivables, smoother reconciliation, status tracking, and full audit logs. Bulk payouts and automated reconciliation further reduce administrative effort. Interac’s ecosystem supports secure digital verification processes to onboard customers safely and streamline identity verification, contributing to a secure and inclusive digital payments environment.
The applications of Real-Time Payments with Interac are extensive. It can be used for business payments and disbursements, payroll and gig economy payouts, loan funding and repayment management, automated invoicing and receivables, and customer onboarding and identity verification. The solution allows businesses in Canada to send and receive payments instantly and securely using Interac e-Transfers.
In addition, Real-Time Payments with Interac facilitates customer payouts for insurance providers and supports instant loan disbursements for alternative lenders. Faster B2B settlements are another benefit of this innovative solution. Accept/Pay Global is excited to help businesses modernize their payment infrastructure and unlock new competitive advantages.
Founded in Ontario in 2003 as EFT Canada, Accept/Pay Global's mission is to provide valued electronic funds transfer and payment solutions that make a positive impact. In 2021, EFT Canada was acquired and has since evolved into Accept/Pay Global. The company's API-driven platform supports full audit trails, reporting, and automated reconciliation, ensuring a seamless and efficient payment process. Users can integrate APG's API to deliver speed, convenience, and reliability in payments.
Pararajalingam, CEO of Accept/Pay Global, stated that Real-Time Payments with Interac allows customers instant access to funds, revolutionizing the way businesses handle payments in Canada. The solution allows clients to move funds instantly to any Canadian bank account, securely and at scale.
In conclusion, Real-Time Payments with Interac by Accept/Pay Global enhances cash flow, operational efficiency, and customer experience for Canadian businesses through real-time, secure, and highly scalable payment solutions integrated directly into their platforms. This innovative solution is now available to all Canadian enterprises, marking a significant step forward in the digital transformation of the Canadian business landscape.
The innovative solution, Real-Time Payments with Interac by Accept/Pay Global, offers numerous benefits to the Canadian business landscape, including faster cash flow, high transaction limits and volume, simplified onboarding, automated reconciliation, and enhanced security. This solution can be used for various purposes, such as business payments, payroll, loan funding, automated invoicing, and customer onboarding.
Undoubtedly, Real-Time Payments with Interac revolutionizes payment handling by providing immediate access to funds, transforming the financial aspect of operations for Canadian businesses. By utilizing this solution, businesses can streamline collections and disbursements, ultimately modernizing their payment infrastructure and unlocking new competitive advantages.
