Person-to-Person Payments go Mobile with Interac e-Transfer(TM)

New functionality is now available through Central 1 at two of its member credit unions

TORONTO, Dec. 7 /CNW/ - Interac e-Transfer (formerly known as Interac^® Email Money Transfer) now provides participating financial institutions with the opportunity to allow customers to send or receive money almost instantaneously with their mobile phone or their desktop, by either using a mobile phone number or an email address.  Central 1, in partnership with BC's Prospera Credit Union, and Teachers Credit Union of Ontario, are the first financial institutions to offer this new functionality.

"We are committed to serving the needs of our financial institution clients by bringing them innovative services to support and grow their businesses," said Mark O'Connell, President and CEO, Acxsys Corporation and Interac Association.  "By expanding Interac e-Transfer into the mobile space, we are giving consumers more flexibility to make person-to-person payments quickly and securely."

Interac e-Transfer is the new name of Interac Email Money Transfer. With the addition of mobile to the existing online functionality, the new name better reflects the cross-channel capabilities of the service.

Interac e-Transfer is a fast, secure and convenient way to send and receive money in near real time across the country, from one bank account to another through online or mobile banking.  Importantly, money never travels by email or text message; this is used only to notify the recipient and to provide the recipient with instructions on how to deposit the money. 

The sender's financial institution and the recipient's financial institution transfer funds using established and secure banking procedures.  Personal or financial information, such as address, phone number and bank account information, is not shared and remains private.  Recipients can deposit a funds transfer by clicking on the link contained in the text message or email notification, or the link contained in the notification can be typed into a browser - no matter how the recipient is notified, the individual can deposit the transfer using any computer or mobile device connected to the Internet.

"Central 1's decision to be the first to offer the mobile functionality of Interac e-Transfer speaks to the organization's commitment to offer innovative payment options to Central 1 members and their clients," said Mr. O'Connell.

"We are pleased to work with our organizations to provide this innovative mobile payment system that leads the way in the Canadian financial system," said Oscar van der Meer, Chief Technology Officer at Central 1. "Credit unions are able to move quickly to introduce enhanced developments like Interac e-Transfer."

Support for notifying recipients via text message and adding recipient mobile phone information is optional for each participating financial institution.  More information about the Interac e-Transfer service and a complete list of participating banks and credit unions can be found at: http://www.interac.ca/consumers/productsandservices_ol_emt.php.

About Acxsys Corporation
Acxsys Corporation, comprised of eight large financial institutions as shareholders, is headquartered in Toronto, Ontario. The Corporation's shareholders are the architects of the Interac network, Canada's national debit network. Acxsys specializes in the development and operation of new payment service opportunities, as well as consulting and management services in the field of electronic payments. Acxsys Corporation businesses include the operation of the Interac e-Transfer service, the Interac Online service, and international services, through agreements with NYCE Payments Network, PULSE, and UnionPay. For more information, please visit www.interac.ca.

®, TM:  Interac, the Interac logo, and Interac e-Transfer are trade-marks of Interac Inc. Used under license.

For further information:

Caroline Hubberstey, Acxsys Corporation/Interac Association
416-869-8320 or [email protected]