XTM, Inc., a Toronto-based Fintech company in the challenger banking space, providing mobile banking and payment solutions around the world is pleased to announce it is leveraging the Interac Bulk eTransfer solution offered by RBC to help its business clients facilitate near real time payments.
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 a XTM API with only a mobile phone or an email address and dollar amount as the required fields. 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.
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XTM is also finalizing development enabling the Company to deliver an API that enables free bank to bank transfers for any business wishing to move money to consumers in via Interac Bulk e-Transfer®. 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. This will revolutionize the way businesses send payments by shifting the cost of the transfer from the sender to the recipient, if desired, instantly.
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“Deepening our relationship with RBC is critical to our success,” commented Marilyn Schaffer, CEO. “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.”
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