First of the big five banks to offer this feature to personal banking clients in Canada, which makes it easier to pay for recurring services
TORONTO, May 2, 2022 /CNW/ - To help make banking easier for Canadians, CIBC today announced a new Interac e-Transfer® feature that allows clients to set up recurring or future-dated Interac e-Transfer payments, making CIBC the first among the big five banks to offer this service to personal banking clients in Canada.
With the new feature, clients will be able to schedule Interac e-Transfer transactions up to five years in the future through their CIBC Online Banking® or CIBC Mobile Banking® account.
"Enabling future-dated and recurring Interac e-Transfer transactions will allow our clients to put their payments on autopilot, saving time and avoiding the frustration of a missed payment," said Chris Sweetland, Senior Vice-President, Payments Strategy and Transformation. "Clients will no longer need to remember to write cheques or send money for regular payments such as rent or recurring services like babysitting or cleaning."
A recent analysis of CIBC data shows that approximately 20 per cent of current Interac e-Transfer transactions are recurring and roughly half (56 per cent) of clients surveyed in a recent poll indicated the ability to schedule a transaction would be useful.
"Canadians rely on Interac e-Transfer over 2.5 million times a day on average to send and receive money, and we have seen the positive impact enhancements like recurring transactions can have on managing personal finances," said William Keliehor, Chief Commercial Officer, Interac Corp. "For those who regularly make payments to the same recipient, we know having the ability to automate these transactions helps eliminate the potential for missed or delayed payments and helps Canadians stay in control when using their own money."
Other key features include:
- Ability to schedule weekly, bi-weekly, monthly, quarterly, bi-annually, and annually recurring payments up to five years in the future
- View upcoming, successful and unsuccessful transactions
- Cancel upcoming payments
- Manage alerts for successful or unsuccessful payments
For more information about CIBC Interac e-Transfer, visit: https://www.cibc.com/en/personal-banking/ways-to-bank/how-to/send-interac-e-transfer.html
Interac e-Transfer is a trademark of Interac Corp.
About CIBC
CIBC is a leading North American financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC
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