Canadians to get a new way of sending money globally

National Bank will be the first bank to pilot the new international remittance solution

Canadians to get a new way of sending money globally. Source: unsplash.com

Mastercard and Interac, two trusted global and domestic payment networks, 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 cross border money transfers, 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 billion in remittances were sent from Canada to other countries. 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.

Consumers and businesses today operate globally. Whether it’s traveling 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. 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
Ramesh Jayakrishnan, director of Push Payments for Mastercard in Canada

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.

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Categories: All materials Fintech News
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