XTM, a Canada-based fintech that provides mobile banking and payment card solutions, announced on Tuesday it is using the Interac Bulk eTransfer solution offered by RBC (TSE: RY) to help its business clients facilitate near real-time payments.
According to XTM, the solution allows XTM customers or Today mobile users to send funds in near real-time to any bank in Canada. Businesses wishing to push funds faster can send a batch file or use an XTM API with only a mobile phone or an email address and dollar amount as the required fields. XTM noted that no other information or banking details are required. Users can set up auto-deposit for a completely automated solution with no user intervention required to deposit funds instantly.
Along with using the solution, XTM is also finalizing development of an API that enables free bank to bank transfers for any business wanting to move money to consumers through Interac Bulk e-Transfer. XTM further explained:
“The solution will allow the recipient to choose any bank account to deliver the funds next business day using Electronic Funds Transfer (EFT) for free or within near real time usinng Interac e-Transfer for a small free. This is a first-of-its-kind free transfer service that allows the recipient to decide if they want next day funds for free or instant funds for a small fee.”
Marilyn Schaffer, CEO of XTM, went on to add:
“Deepening our relationship with RBC is critical to our success. Delivering real-time banking solutions, with Covid-19 changing the way individuals and businesses treat cash, makes XTM a catalyst in eliminating cash from the payment ecosystem.”
Founded in 2006, XTM states that it acquired, developed, and integrated solutions businesses of every size, which includes challenger banks, credit unions, consumers, and governments. The company’s goal is to disrupt traditional banking with its white-labeled mobile wallet, banded Visa and Mastercard solutions, and platform.
