National Bank will be the first bank to pilot
the new international remittance solution
TORONTO, May 22, 2019 /CNW/ - Mastercard and Interac, two
trusted global and domestic payment networks, today announced a
collaboration to offer Canadians a fast, simple and secure way to
send money internationally. By leveraging Mastercard Send, a
push-payments service that powers a faster, better, smarter way to
send money cross border, the Interac e-Transfer
platform will allow customers to send money from Canada to bank accounts internationally,
starting with Europe.
National Bank will be the first bank to pilot the new
international remittance solution for its personal banking
clients.
Canada is a large market for
international payments, due to its diverse population and number of
businesses that operate in an increasingly global marketplace.
According to the latest data from World Bank, $24.5 B in remittances were sent from
Canada to other
countries.1 With Mastercard and Interac's combined
offering, Canadians will be able to simply log in to their mobile
or online banking services and send funds securely globally using
the familiar Interac e-Transfer brand.
"Consumers and businesses today operate globally. Whether it's
travelling abroad, sending money to family or friends overseas, or
purchasing products from a business in another country, the ability
to move funds across borders quickly, easily and securely is
becoming a must-have," said Ramesh
Jayakrishnan, director of Push Payments for Mastercard in
Canada. "Financial institutions
need cost-effective and trusted solutions to meet their customers'
expectations. This new offering will connect banks to Mastercard
Send to help improve customer experience and future-proof their
cross-border payment service, all while using the existing
Interac e-Transfer platform."
"Interac e-Transfer is the go-to way to move your money
securely in Canada, as represented
by the millions of people who use it each day for their personal
and business affairs," said Peter
Maoloni, vice president, Product & Platform Delivery,
Interac Corp. "We think this offering with Mastercard and
National Bank to offer a cross-border solution that will leverage
the trust and reliability of the Interac e-Transfer brand,
will be a game-changer in international remittance – making it
easier for financial institutions to connect to the networks, and
for their customers to move their money internationally."
"We're delighted to team up with two trusted brands to launch a
new digital solution that will speed up cross-border payments. This
innovative offering meets a growing need to send funds quickly and
securely and will have a positive impact on our clients. We look
forward to deploying this valuable addition to our current digital
banking experience," said Gabrielle
Cournoyer, vice president, Cards & Payment
Solutions at National Bank.
The Mastercard and Interac solution will be made available for
other financial institutions in Canada, where if implemented, they can choose
to enable their customers to send money internationally to bank
accounts, and eventually mobile wallets and cards.
About Mastercard
Mastercard (NYSE:
MA), www.mastercard.com, is a technology company in the global
payments industry. Our global payments processing network connects
consumers, financial institutions, merchants, governments and
businesses in more than 210 countries and territories. Mastercard
products and solutions make everyday commerce activities – such as
shopping, traveling, running a business and managing finances –
easier, more secure and more efficient for everyone. Follow us on
Twitter @MastercardNews, join the discussion on
the Beyond the Transaction
Blog and subscribe for the latest news on
the Engagement Bureau.
Note to editors:
Mastercard Send helps power some of
the industry's most innovative payment products. For developers,
Mastercard provides financial institutions with an
easy-to-use API, one of more than 35 APIs available through
the Mastercard Developers portal. Backed by the
Mastercard network, banks further benefit from simplified
settlement as well as Mastercard's network and compliance
expertise.
About Interac Corp.
Interac Corp. is a payments and
digital information exchange that operates an economical,
world-class debit payments system with broad-based acceptance,
reliability, security and efficiency. The organization is one of
Canada's leading and most trusted
financial brands and is chosen an average of 16 million times daily
to pay and exchange money. For 35 years, Interac Corp. along with
its predecessors, Interac Association and Acxsys Corporation, has
provided payment solutions and access to money on secure,
interoperable, reliable and efficient shared platforms through
debit cards, mobile wallets, online money transfer, ABMs, in-app
and online purchases. These solutions include Interac
e-Transfer, the fast, secure and convenient way to send, request,
and receive money to anyone in Canada. Interac Corp. has a diverse group of
shareholders that include banks, credit unions, caisses populaires,
payment processors and merchants. A leader in the prevention and
detection of fraud, the organization has one of the lowest rates of
fraud globally. Visit newsroom.interac.ca or follow @INTERAC on
Twitter.
About National Bank of Canada
With $263 billion in assets as at January 31, 2019, National Bank of
Canada, together with its
subsidiaries, forms one of Canada's leading integrated financial groups.
It has more than 23,000 employees in knowledge-intensive
positions and has been recognized numerous times as a top employer
and for its commitment to diversity. Its securities are listed on
the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities
at nbc.ca or via social media such
as Facebook, LinkedIn and Twitter.
https://www.pewglobal.org/interactives/remittance-flows-by-country/
"Source: World Bank 2017 Bilateral Remittance Matrix
(April 2018 update), accessed
Feb. 25, 2019. Global total listed
above reflects most recent December
2018 update."
SOURCE Interac Corp.