Mastercard has partnered with Canadian payments exchange Interac to offer a new global remittance solution for customers in the country.

As part of the partnership, Mastercard Send push-payments service will be integrated with Interac e-Transfer in order to enable transfer of money from Canada to international banks accounts.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Mastercard Send can be used by banks and other businesses for both domestic and cross-border funds transfer. The service can be easily connected with any channel using an API.

Interac e-Transfer is designed to directly send, request and receive money from one bank account to another using online or mobile banking service.

Customers can use the new integrated solution to log in to their online or mobile banking services and send funds globally using the Interac e-Transfer platform.

Mastercard director of Push Payments in Canada Ramesh Jayakrishnan said: “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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Interac vice-president of Product & Platform Delivery Peter Maoloni said: “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.”

Initially, the global remittance solution will be offered by National Bank of Canada for its personal banking clients, with plans to expand for other financial institutions in the country.

Furthermore, the partners intend to extend the solution to enable to transfers to mobile wallets and cards.