The Interac Association, a nonprofit interbank network in Canada, has confirmed that that MoneyGram International is now using Interac e-Transfer Bulk Disbursement service to move funds in Canada.
Interac e-Transfer Bulk Disbursement is an extension of the Interac e-Transfer service, a digital platform for sending and receiving money that supported 158 million transactions in 2016.
The partnership will enable MoneyGram to deliver money in real time to its Canadian recipients, with instant pickup and real-time funds availability.
Interac e-Transfer Bulk Disbursement eliminates the need to handle cash payments or issue, track and reconcile costly cheques as it allows businesses to securely send multiple payments in a single file upload using an automatic file transfer.
In order to ensure security, each payment is password protected. Recipients can deposit their funds anywhere and anytime when they have access to online or mobile banking without disclosing their personal financial information.
With Interac e-Transfer Bulk Disbursement, merchants only require a recipient’s e-mail address or mobile phone number to send a payment.
Interac Association and Acxsys Corporation president and CEO Mark O’Connell said: “Interac e-Transfer is a uniquely Canadian payments solution already used by hundreds of Canadian financial institutions and millions of businesses and consumers.
“MoneyGram’s decision to add Bulk Disbursement to move funds in Canada not only extends the reach and use of Interac e-Transfer, it also demonstrates our commitment to providing innovative solutions in the business payments space.”
Acxsys Corporation is a Canadian company involved in banking and its shareholders were the architects of the Interac network.