Wealthsimple set to become first securities dealer to join Interac e-Transfer service
TORONTO, Sept. 27, 2023 /CNW/ - Wealthsimple, the financial services company on a mission to help Canadians achieve financial freedom, today announced it has secured provisional approval to join the Interac e-Transfer® service as a participant. Wealthsimple will become the first securities dealer to join the service.
While the company currently offers Interac e-Transfer services for Canadians, becoming a participant will greatly expand those services, offering clients the same experience moving money as they would expect at a bank or credit union.
"For nearly 10 years, we've been breaking down barriers for our clients through simple, transparent financial products, earning the trust of millions of Canadians in the process," said Michael Katchen, Wealthsimple CEO. "Joining the Interac e-Transfer service is both a milestone for the company, and also a sign of our commitment to being a leader in Canadian financial services."
Wealthsimple facilitates millions of transactions each month into and out of its platform, and between its products. As a member of Payments Canada, Wealthsimple recently secured approval for a settlement account with the Bank of Canada, granting it direct access to the pending Real-Time-Rail payment system.
"Canadians used the Interac e-Transfer service to complete over a billion transactions in 2022. By broadening access to an expanded category of financial institutions, Interac is focused on enabling Canadian consumers and businesses to transact with confidence and leverage new innovative service offerings," said Jeremy Wilmot, President & CEO at Interac. "I'm thrilled that Wealthsimple is set to join over 280 financial institutions in allowing customers to send, request and receive money between accounts using the Interac e-Transfer service."
Participation in the Interac e-Transfer service will unlock the potential for product innovation, an area where Wealthsimple has repeatedly proven itself. The company was the first to offer commission-free trading of stocks and ETFs; fractional shares of US and Canadian securities; regulated cryptocurrency trading and staking; a Shariah-compliant ETF; private investing opportunities for retail investors, eligibility for up to $300,000 in CDIC deposit insurance; and more.
Wealthsimple serves more than three million Canadians and holds over $20 billion in assets. Its easy-to-use platform provides access to managed investing, self-directed trading, cryptocurrency, spending, saving, and tax filing services. Wealthsimple's straightforward, educational approach to finance has led one-in-five Canadians under the age of 40 to trust Wealthsimple with their money.
SOURCE Wealthsimple
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