Interac - Bulk Disbursement

 

Interac e-Transfer gets enhanced
for greater business use


Interac e-Transfer Bulk Disbursement is a streamlined, secure, and cost-efficient digital payment option for today’s businesses seeking a replacement for cheques, cash, or prepaid card disbursements. Businesses and other organizations can now leverage the speed and security of the Interac e-Transfer platform to send bulk payments in a single file upload, without the need for recipients’ banking information. Recipients can receive immediate payments anytime, anywhere they have an internet connection on their mobile device or computer. It also eliminates the need to issue, track or reconcile costly cheques or handle cash payments.

Interac e-Transfer gets enhanced
for greater business use

Interac e-Transfer Bulk Disbursement is a streamlined, secure, and cost-efficient digital payment option for today’s businesses seeking a replacement for cheques, cash, or prepaid card disbursements. Businesses and other organizations can now leverage the speed and security of the Interac e-Transfer platform to send bulk payments in a single file upload, without the need for recipients’ banking information. Recipients can receive immediate payments anytime, anywhere they have an internet connection on their mobile device or computer. It also eliminates the need to issue, track or reconcile costly cheques or handle cash payments.

 

Who is it for?

Interac e-Transfer Bulk Disbursement is ideal for any business wanting to offer their recipients a secure, paperless acceptance option, for things like:

  • Payroll for temporary and casual staff
  • Insurance claim payouts
  • Company rebates
  • Competition winning disbursements
  • Emergency fund disbursements

 

brocku rectangle logo 280


“Student preferences are evolving with technology and Brock University is committed to providing
services to our students that exceed their expectations. With the Interac e-Transfer Bulk Disbursement service,
students can simply and securely deposit their refunds using their financial institution’s online banking
platform and funds are available immediately.”

 - Josh Tonnos, Director, Accounting and Treasury, Brock University

 

brocku rectangle logo 280

 

“Student preferences are evolving with technology and Brock University is committed to providing services to our students that exceed their expectations. With the Interac e-Transfer Bulk Disbursement service, students can simply and securely deposit their refunds using their financial institution’s online banking platform and funds are available immediately.”

 - Josh Tonnos, Director, Accounting and Treasury, Brock University

How does it work?

Businesses need only a recipient’s e-mail address or mobile phone number to send payments; no personal financial information is required. A single file, listing multiple individual payments, is sent to the business’ participating financial institution for processing. Notifications are sent, and recipients can then deposit their payment using online banking at the financial institution of their choice, using a secure password.

  1. Register

    Contact a participating financial institution to register your business for Interac e-Transfer Bulk Disbursement

  2. Send a payment file

    Businesses create a bulk disbursement file that is sent to your financial institution. This includes the payment amount and the recipients’ e-mail address or mobile phone number.

  3. Payment processing

    Your financial institution processes the payment file and an Interac e-Transfer notification is sent to each recipient on your behalf.

  4. Recipient notifications

    Notifications are sent out to all recipients to their email address or mobile phone number. Once a notification is received, funds can be deposited immediately to their online bank account.

  5. Reporting

    Your business will receive regular reconciliation reports.

 

How do I access it?

If you are interested in using Interac e-Transfer Bulk Disbursement for your business, contact one of the following participating financial institutions:

 

             BMO Roundel NEG                    DCBank pantone 158                     RB LogoDes H rgbPE           

                                            Scotiabank web                     TD web

How do I access it?

If you are interested in using Interac e-Transfer Bulk Disbursement for your business, contact one of the following participating financial institutions:

 

   DCBank pantone 158           

    RB LogoDes H rgbPE         

  Scotiabank web



What are the benefits of Interac e-Transfer Bulk Disbursement?

bulk flexibility

Flexibility

The service has a real-time and overnight processing option and notifications of payments can be delivered to an email address or mobile phone number. There is no minimum value for payments and the expiration dates can be set for up to 364 days in advance.

Bulk customize

Customization

Businesses will have the option to generate customized HTML notifications that bring brand familiarity to the payment notifications.

Bulk reporting

Detailed Reporting

Businesses will receive real-time acknowledgment and daily status reports, including the statuses of pending and cancelled transactions.

Bulk security

Security

Recipients will be able to safely and securely deposit their funds anywhere and anytime they have access to online banking. Each payment is password protected. As with the Interac e-Transfer service, leading fraud management capabilities keeps the system safe and secure.