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Interac eTransfer is a digital money transfer platform for every type of transaction, whether it’s person-to-person (P2P), person-to-business (P2B), business-to-person (B2P) or business-to-business (B2B).
my upholstery guy has a bank account and, in theory, sending him money via a peer-to-peer (P2P) network that can enable receipt across any bank in the U.S. The notion of moving those funds faster between the bank accounts of those trading partners is driving a slew of innovation and investment across bank and non-bank network rails today.
percent), as businesses swap checks for ACH transactions and P2P transactions (up 47 percent) between bank accounts. No one argues the need to rid the payments systems of inefficiencies and frictions associated with getting access to funds when needed – or the importance of knowing with certainty when goodfunds will arrive.
P2P has made it possible for accountholders to transfer money using only their mobile phone number to do so — and do it safely. Instead, it’s a lack of certainty that goodfunds are on the way — and when they’re expected to arrive. Limits have also been raised for those payments.
In the B2B payments world, the uncertainty over when goodfunds will post to a supplier’s account has kept innovation at an impasse. It’s why, when asked, all suppliers say they’d love to be paid faster, but they’d love even more to know when goodfunds will be available for them to spend.
The concept is both incredibly simple and incredibly intuitive: Offer customers 24/7 access to goodfunds on demand, however and wherever they want them. But delivering on that concept — and providing instant push payments on demand — is far from simple.
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