Canadian Fintech XTM Expands Cashless Ecosystem with RBC and Interac

XTM customers or Today™ mobile users are able to send funds in near real-time to any bank in Canada

XTM, a Toronto-based Fintech company in the challenger banking space, announced today that it is leveraging the Interac Bulk eTransfer solution offered by RBC to help its business clients facilitate near real-time payments.

The solution allows XTM customers or Today™ mobile users to send funds in near real-time to any bank in Canada, according to the firm.

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Businesses wishing to push funds faster can send a batch file or use an XTM API with only a mobile phone or an email address and dollar amount as the required fields.  No other information or banking details are required. Users can set up auto-deposit for a completely automated solution with no user intervention required to deposit funds instantly.

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XTM also revealed that it is finalizing development, enabling the Company to deliver an API that allows free bank to bank transfers for any business wishing to move money to consumers via Interac Bulk e-Transfer®.

The solution will allow the recipient to choose any bank account to deliver the funds next business day using Electronic Funds Transfer (EFT) for free or within near real-time using Interac e-Transfer for a small free.  This free transfer service allows the recipient to decide if they want next-day funds for free or instant funds for a small fee.

“Deepening our relationship with RBC is critical to our success,” Marilyn Schaffer, CEO at XTM, said in a statement. “Delivering real-time banking solutions, with Covid-19 changing the way individuals and businesses treat cash, makes XTM a catalyst in eliminating cash from the payment ecosystem,” she added.


XTM helps businesses and their workers expedite earnings payouts and reduce or eliminate banking fees and cash. With a global card issuing and payment platform, XTM provides free technology to businesses to automate and expedite worker payouts. XTM integrates businesses into a payment ecosystem that is coupled with a free worker mobile app and a Mastercard debit card with banking features.

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