Canadians will now be able to transfer money to Europe through the Interac Corp.’s e-Transfer platform, thanks to a collaboration with Mastercard Inc., as was announced today at Collision in Toronto.
Leveraging the Mastercard Send service through the Interac E-Transfer platform, customers will be able to send money to bank accounts in Europe, with other areas expected to follow.
Peter Maoloni, the vice-president of product and platform delivery for Interac, says he saw the collaboration as a natural fit, despite the two companies being viewed as competitors.
“Interac and Mastercard are commonly viewed as competitors. But it’s a new landscape. Competitors can make the greatest partners,” said Maoloni in an interview with IT World Canada. “And we hope with this announcement that people understand and realize that we’re benefiting Canadians with the ability to remit transactions internationally. And it’s the start of a partnership that doesn’t see us in a space that we normally compete in, but it shows how we can take a collective approach to the assets that we have and deliver something unique into the market.”
Ramesh Jayakrishnan, the vice-president of Push Payments at Mastercard, reiterated the fit between the two companies and emphasized that collaboration like this is key to providing unique services that otherwise could not exist.
“Collaboration really is the new innovation happening in many ways. And we have to believe with the assets that Mastercard from a global perspective and what Interac does domestically, it just makes sense for us to bring these two assets together and make money moving for Canadians really a seamless process internationally,” said Jayakrishnan explained.
For now, the only bank to take on this service has been National Bank, but they are very excited about the potential of this collaboration and all sides expect more banks to be on board in the near future.
“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 of cards and payment solutions at National Bank, in a press release.