Wealthsimple prepares to join Interac e-transfer service

Canadian financial services company Wealthsimple has secured provisional approval to join the Interac e-transfer service as a participant, becoming the first securities dealer to do so.

Wealthsimple, which already offers Interac e-transfer services to Canadians, will be able to expand those services by becoming a participant.

According to Wealthsimple, this means it can offer clients the same experience moving money as they would expect at a bank or credit union.

In 2022, Canadians used the Interac e-transfer service to complete more than one billion transactions.

Michael Katchen, co-founder and CEO of Wealthsimple, at the company’s headquarters in Toronto, Ontario. (CNW Group/Wealthsimple)

“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, chief executive officer of Wealthsimple.

“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, which is a member of Payments Canada, recently secured approval for a settlement account with the Bank of Canada, thereby granting it direct access to the pending Real-Time Rail payment system.

“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,” added Jeremy Wilmot, president and chief executive officer of 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.”