Electronic transfers | Interac extends its service to other institutions

(Toronto) Interac is expanding the range of financial institutions that can use its electronic transfer service.

The company explained Wednesday that the move expands access to the service beyond federally regulated banks and provincially regulated credit unions.

Financial services provider Wealthsimple is set to become the first new participant in the service expansion.

Under the new rules, organizations that are both money services businesses regulated by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) and investment dealers regulated by the Investment Regulatory Organization of Canada Investments (OCRI) may apply to become participants.

To join the electronic transfer service, Interac says eligible financial institutions must meet the same requirements and obligations as existing participants.

The Bank of Canada oversees the service, which is designated as a leading payments system under the Payment Clearing and Settlement Act.

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