CIBC is rolling out a new Interac e-Transfer system to enable its clients to set up recurring or future-dated payments. The new feature is accessible through a CIBC Online Banking or CIBC Mobile Banking account.
As part of the new feature, CIBC clients can schedule Interac e-Transfer transactions up to five years in the future. CIBC is the first of the five major Canadian banking institutions to support such a feature.
Clients can schedule weekly, bi-weekly, monthly, quarterly, bi-annually, and annually payments. Additionally, the rollout of this feature includes the ability to view upcoming, successful and unsuccessful transactions. Clients are also able to cancel upcoming payments if and when they choose to do so. Finally, CIBC clients can manage alerts for both successful and unsuccessful payments.
“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.”
CIBC claims recent data shows approximately 20 percent of current Interac e-Transfer transactions are recurring. Additionally, roughly 56 percent of surveyed clients indicate the ability to schedule a transaction would be useful.
Finally, William Keliehor, the chief commercial officer of Interac Corp., says that over 2.5 million e-Transfer interactions are made on average each day to send and receive money. “We have seen the positive impact enhancements like recurring transactions can have on managing personal finances.”
It will be interesting to see which of the next Candian banks follow suit and begin supporting similar features.
Image credit: CIBC