Bank of Canada Governor Tiff Macklem has designated Interac e‑Transfer ® as a prominent payment system under the Payment Clearing and Settlement Act, effective August 10, 2020. This brings Bank oversight to this payment system and ensures it remains a safe, viable and effective method of payment for Canadians.
The Bank regularly monitors the evolution of new and existing payment systems to determine whether they warrant oversight because of their potential to cause systemic or payment system risk. Designating Interac e‑Transfer as a prominent payment system means it must adhere to the Bank’s risk management standards, including having risk controls in place to ensure continued resilience.
Interac e‑Transfer has become central to the Canadian payments system. In the 2019 fiscal year, the Interac system facilitated over 486 million transactions, totalling $169 billion. A disruption or failure of the Interac e‑Transfer system could cause a significant adverse effect on economic activity in Canada, potentially leading to a general loss of confidence in the overall Canadian payments system.
The Interac e‑Transfer system is operated by Interac Corp. Launched in 2003, Interac e‑Transfer enables individuals and businesses with a Canadian bank account at participating financial institutions to electronically send or receive payments within Canada—24 hours a day, 7 days a week.