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Canadian companies unite to offer digital remittance to India

Three Canadian companies are working together to build a new way of digitally transferring money securely and in real-time from Canadian bank accounts to international high-volume remittance corridors, starting with India, according to a press release.

Interac Association and Acxsys Corp., which operate Canada's debit network, and nanopay Corp. are working on the extension of real-time cross-border digital payment capabilities for the Interac e-Transfer platform as an important part of the broader effort to continue modernizing Canada's payment systems. 

"Bringing another real-time digital payment option to Canadians to send money to relatives, friends or businesses around the world is very exciting," Debbie Gamble, vice president of product and platform development at Interac, said in the release. "Taking a made-in-Canada, ubiquitous and scalable platform like Interac e-Transfer and integrating it with a savvy fintech force like nanopay will open up more access points, choice, convenience and control for Canadians to move their money."

The jointly developed service will leverage the Interac e-Transfer user experience to send money from a Canadian account to an eligible Indian bank account. Through the service, senders will identify a personal email address or mobile phone number through a participating financial institution's online or mobile banking application with transparent, instant notifications sent to the recipient. Compared to Interac e-Transfer, additional information about the beneficiary of the funds will be required to ensure regulatory and compliance requirements are met.

The companies did not say in the release when the service would be available.