Calgary-based Neo Financial has become a direct participant in Interac e-Transfer, gaining access to one of Canada’s core payment networks. The move follows Interac’s expansion to include qualified payment service providers under new regulations. Neo said direct participation will allow greater control over product development and customer experience for its more than one million users.
Interac processed over 1.6 billion transactions last year. The development reflects broader changes in Canada’s payments landscape, as fintech firms gain access to infrastructure traditionally dominated by banks. Executives say the shift will increase competition and accelerate innovation in financial services.
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