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Interac

Neo Financial Joins Interac as Direct Participant

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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.

Want to know more? Check out the source code on Fintech.ca.

Interac to Adopt Flat E-Transfer Fee by November

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Interac will introduce a flat wholesale fee of 4 to 8 cents per e-transfer by November 1, replacing its current volume-based pricing model that charged financial institutions between 6 and 43 cents per transaction. The Competition Bureau, which launched an investigation following a 2024 parliamentary hearing, says it will monitor the rollout.

Critics argued the prior system disadvantaged smaller banks and credit unions. The Bureau welcomed the change, noting it could level the playing field and foster innovation. Interac’s e-transfer system is one of Canada’s most widely used digital payment tools for sending, receiving, and requesting money.

Want to know more? Check out the source code on The Logic.

Interac Considers Flat Fee Amid Competition Probe

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Interac plans to introduce a flat fee for e-transfers, replacing its current volume-based pricing model. Smaller institutions currently pay more per transfer than larger ones, prompting scrutiny from the Competition Bureau and parliamentary committees.

Conservative MPs revealed Interac’s fee structure in late October, sparking concerns over competition fairness in financial services. CEO Jeremy Wilmot will testify before Parliament as the Bureau investigates Interac’s pricing practices. Critics, including fintech CEO Daniel Eberhard, argue the tiered model stifles competition. While the flat fee proposal is under review, MPs call for broader systemic reforms.

Want to know more? Check out the source code on The Logic.

Interac Expands e-Transfer Service, Welcomes New Participants

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Interac, a key player in Canada’s financial landscape, unveiled expanded access to its Interac e-Transfer® service today.

Initially available to federally regulated banks and provincially regulated credit unions, the service now extends to FINTRAC-regulated Money Service Businesses (MSBs) and investment dealers regulated by CIRO.

Wealthsimple, a leading Canadian digital financial services provider, is set to be the inaugural participant under this extended access, offering over 280 financial institutions the ability to facilitate seamless money transfers for their clients.

The move marks a significant leap in enhancing accessibility and convenience within the Canadian financial sector.

Want to know more? Check out the source code on Fintech.ca.

Economic Shift: Side Hustles Alter Canada’s Work Landscape

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In a recent survey by Interac, a growing trend dubbed the ‘nine-to-thrive’ effect is unfolding among Canadians.

The survey reveals that an increasing number of Canadians are embracing side hustles for added income, with a surprising 55 per cent finding their ventures more fulfilling than anticipated. Notably, 76 per cent intend to continue their side hustle alongside their primary employment, while 17 per cent plan to transition it into a full-time career.

Interac e-Transfer® plays a vital role, with 62 per cent of entrepreneurs leveraging the service for business-related payments, contributing to a 25 per cent transaction volume growth YoY.

Want to know more? Check out the source code here.