Payment networks Mastercard and Interac announced today a collaboration to offer Canadians a fast, simple and secure way to send money internationally. Starting with Europe, the current Interac e-Transfer platform will make use of Mastercard Send, a push-payment service to send money cross border more securely. National Bank will be the first bank to pilot the new international remittance solution for these personal banking clients.

According to World Bank 2017 Bilateral Remittance Matrix (April 2018 update), $24.5 billion in remittances were sent from Canada to other countries. The new collaborative platform will make it possible for Canadians to simply log in to their mobile or online banking services and send funds.

Ramesh Jayakrishnan, director of Push Payments for Mastercard in Canada commented on the need for a cost-effective solution with the new offering being able to improve customer experience all while existing on the Interac e-Transfer platform.

“We’re delighted to team up with two trusted brands to launch a new digital solution that will speed up cross-border payments. This innovative offering meets a growing need to send funds quickly and securely and will have a positive impact on our clients. We look forward to deploying this valuable addition to our current digital banking experience,” said Gabrielle Cournoyer, vice president, Cards & Payment Solutions at National Bank.

The Mastercard and Interac solution will be made available for other financial institutions in Canada as well.

by Megha Bhattacharya
Market Analyst at IBS Intelligence