Central 1 credit unions first institutions in Canada offering Interac e-Transfer

by Liam Britten | Technology

Prospera Credit Union and Teachers Credit Union are offering Canadian firsts in money transferring — if you want to send cash to someone, now all you need is a phone number.

The two credit unions, part of Central 1, are the first Canadian partners of Interac’s e-Transfer (previously known as Email Money Transfer, or EMT). Money can be sent from a cell phone via SMS message or a computer via email, and the transactions are completed “almost instantaneously.” Interac and Central 1 are touting this new service as more than a way to send money between friends or relatives, but also as a potential way to make purchases; instead of paying with a debit card at the store, instead just text the payment to the business.

Security precautions are in place; you neede to login every time you want to send money, using a password provided by the credit union. As well, the recipient of money you’ve sent doesn’t see any of your information, not even your phone number; since the credit union is facilitating the transaction, the recipient receives a message from the credit union, not you. Depositing received money takes no time at all — all it requires is clicking on a link in the notification email.

For more information about e-Transfer, click here.

Central 1 Credit Union
Vancouver, British Columbia, Canada

Central 1 services over 300 financial institutions across Canada. As the umbrella organization for the credit union system in BC and Ontario, our team takes care of everything from online banking services and product development, to payment processing, trade association services and more. We are all about innovation. Central 1 is responsible for one of the market-leading mobile banking apps in... more

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Liam Britten

Liam Britten

Liam Britten is a writer and editor with a journalism background operating out of Vancouver. In addition to his work at Techvibes, he has been published in student publications across Canada, as well as local newspapers such as The MapleRidge-Pitt Meadows TIMES and The Langley Advance. An aficionado for the finer things in life — such as video games and sports — Liam is plugged into the tech... more

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