DirectCash Bank now offering Bulk Interac e-Transfer® service to business clients

TORONTO, Jan. 12, 2016 /CNW/ - Today, DirectCash Bank ("DC Bank") and Interac Association/Acxsys Corporation ("Interac") are announcing the launch of Interac e-Transfer bulk disbursement ("Bulk Interac e-Transfer") for all of DC Bank's business customers. This enhanced solution extends the core Interac e-Transfer service into the commercial space by offering businesses a secure, cost-effective alternative to cash, cheque, or prepaid card disbursements for their customers.

"Our goal has always been to provide our clients with new and innovative solutions" said Kevin Helfand, President of DC Bank. "That's why we are pleased to offer Bulk Interac e-Transfer to our business customers. The Bulk Interac e-Transfer service provides clients like H&R Block Canada, Inc. ("H&R Block") with an easy and secure method to quickly distribute payments to its large number of customers during the upcoming 2016 tax season when they select the H&R Block Pay With Refund™ service. This enhanced Interac e-Transfer service allows our clients access to a secure and efficient method of distributing payments by offering an alternative to prepaid cards while keeping operating costs to a minimum."

"The Bulk Interac e-Transfer service was developed specifically with business needs in mind," said Mark O'Connell, President and CEO, Interac. "We are excited that DC Bank and their client, H&R Block, have decided to leverage our expertise in electronic payments to offer this solution to their customers."

DC Bank is the third financial institution to offer the enhanced service.

About Bulk Interac e-Transfer

Bulk Interac e-Transfer allows businesses to easily send electronic payments to multiple recipients at once, eliminating the need to issue, track or reconcile costly cheques or handle cash payments.This service is ideal for any business wanting to offer recipients a secure, paperless acceptance option.

Businesses only require a recipient's e-mail address or mobile phone number to send money; no financial information is needed for payment. A single file listing multiple payments is sent to a business's financial institution for processing, allowing the recipients to deposit their payment at a financial institution of their choice. This service offers greater flexibility, customization, security and more detailed reporting than other available payment methods.

For more information, visit: http://interac.ca/en/interac-e-transfer-for-business.html

About DirectCash Bank

DC Bank is a Schedule I Canadian chartered bank that specializes in the development of innovative corporate payment and deposit solutions, commercial banking services and prepaid card programs.

About Interac Association and Acxsys Corporation

Interac® is Canada's leading payment brand. Together, Interac Association and Acxsys Corporation operate an economical, world-class debit system with broad-based acceptance, 24/7 reliability, security and efficiency. The brand is chosen an average of 12 million times daily to pay and exchange money. Interac products and services securely connect people to their money at the ABM through Interac Cash, at retailers across Canada through Interac Debit and the US, and online through web based services – Interac Online for online purchases, Interac e-Transfer for person-to-person payments, and Interac e-Transfer bulk disbursement for commercial payments. In addition, Interac Flash®, the secure contactless enhancement of Interac Debit, is in widespread use at retailers across Canada and provides the service for mobile NFC proximity payments. The organization is also a leader in the prevention and detection of fraud.

Interac, Interac Flash, Interac e-Transfer, and the Interac logo are registered trade-marks of Interac Inc. Used under license.

SOURCE Interac Association

For media inquiries only: Kevin Helfand, President, [phone], [email protected]; Teri Murphy, Interac Association/Acxsys Corporation, [phone], [email protected]