UAE remittance portal gears up for Interac payments
MONTREAL--Remittance company UAE Exchange is adding Interac® Online Payments (IOP) to its online service by teaming up with Montreal, Quebec-based DebitWay.ca, which provides services specifically tailored to the international remittance industry in Canada.
UAE Exchange is a large remittance company which handled a remittance volume of close to US$20 billion in 2009. The company operates in 22 countries and has 470 branches globally, including 5 branches in Canada, according to Debitway.ca.
Money2anywhere.com is UAE Exchange’s online person-to-person money transfer portal. The partnership with DebitWay.ca will allow Money2anywhere.com to accept remittance payments from anyone with a Canadian bank account at a participating financial institution, simply by using their existing online banking service. With Interac Online Payments’ intervention, these online banking transactions take place in real time, with the payment amount and payer's identity guaranteed by their bank in 10 seconds or less.
The United Arab Emirates (UAE) is one of the largest remittance corridors globally and growing rapidly, points out Andy Makosz, VP of Business Development at Debitway.ca. UAE's local national population is approximately 22% of the estimated total population of 4.8 million. For example, the NRI (non-resident Indian) population in the UAE alone numbers at least 1 million.
DebitWay.ca's business model offers IOP exclusively, which is a separate payment gateway, and does not offer other types of online payments such as credit cards. As a result, online merchants can offer IOP, without affecting their existing processing agreements. They simply add another payment option to their existing checkout page.
DebitWay.ca provides IOP services to any enterprise interacting with Canadian consumers. It specializes in providing payment solutions to the financial services industry, especially those organizations who have considered traditional online payment solutions in the past, but found them to be too costly. IOP's key benefits are real-time transaction processing and verification. Currently, participating financial institutions include BMO Bank of Montreal, RBC Royal Bank of Canada, Scotiabank and TD Canada Trust.