Interac opens e-Transfer network to more PSPs under new rules
Interac has expanded its Interac e-Transfer service by allowing Payment Service Providers registered under Canada's new Retail Payment Activities Act to apply for direct participation.
This move makes the e-Transfer network accessible to a wider range of PSPs, alongside banks, credit unions and fintechs already serving Canadian consumers and businesses. The newly eligible PSPs must be registered under both the RPAA and as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada.
The Interac e-Transfer service is overseen by the Bank of Canada as a Prominent Payment System. Interac says this expansion follows the introduction of the RPAA, Canada's first federal oversight regime for payment services, which came into effect on September 2025. The RPAA sets out operational and risk-management standards for payment entities and enables regulated access to national payment infrastructure.
New opportunities for PSPs
PSPs that meet the eligibility criteria will be able to apply for direct participation, subject to an application and compliance process including technical onboarding and regulatory assessments. The process is expected to vary in length depending on the applicant's readiness and the complexity of integration.
"Expanding access to Interac e-Transfer under the RPAA is a pivotal step in creating more choice and innovation in Canadian payments. By welcoming new regulated providers into our national network, we're enabling Canadians and businesses to transact securely and conveniently with a wider range of partners, ultimately strengthening both access and innovation in digital payments,"
said Jeremy Wilmot, President & CEO at Interac.
Interac will support different operating models by offering several integration options. PSPs can either connect directly as Participants, use indirect access through a Connection Service Provider, or become commercial customers through existing Participants. Interac states this arrangement is designed to align with diverse business needs among service providers in the payments sector.
Network scale and usage
Interac e-Transfer has been operating in Canada for over 20 years and, according to the company, processed more than 1.4 billion transactions within a 12-month period in 2024, totalling GBP £443 billion (CAD $554 billion). Over 20 per cent of these transactions involved businesses as either sender or receiver.
The expansion not only provides more options for PSPs but also aims to diversify the range of secure transaction partners available to Canadians and businesses across the country. With the e-Transfer system now open to more regulated PSPs, Interac says it seeks to support both greater accessibility and further development within the Canadian payments ecosystem.
This development is designed to encourage further innovation in the payment space under the parameters set by the RPAA framework.
Wilmot stated the broader focus for the expansion is not limited to growing the participant base, but also meant to enable, "a more dynamic, accessible, and innovative future for Canadian payments, empowering more businesses and consumers to transact seamlessly and securely."
Interac reports that its network connects nearly 300 financial institutions and is used more than 20 million times per day on average as Canadians choose digital methods to move money.
The company underlines that eligible new PSP Participants are required to comply fully with regulatory standards and complete technical onboarding before connecting to the e-Transfer network.
As the Canadian government implements its first federal oversight framework for payment service providers, the payments sector is expected to see an increase in the range of services and transaction partners available to both consumers and businesses across the country.
