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