Koho joins Interac e-transfer as a participant
Instead of going through a middleman to process transactions, Koho plugs directly into the Interac e-Transfer network.
Because KOHO is "directly connected," e-Transfers should feel faster and more reliable within the app.
KOHO now has more control over how they build their payment tools, meaning they can roll out new updates or specialized payment features without waiting on a partner bank.
This is part of a larger move in Canada to allow tech companies to offer financial services directly, which usually leads to better apps and lower fees.
"We are thrilled to welcome Koho to the Interac e-Transfer service. By expanding access to our network, we are enabling more choice and innovation for consumers and businesses across the country," said Jeremy Wilmot, president and CEO of Interac. "We look forward to working with Koho and other providers to continue to evolve the digital payment experience for all Canadians."
With this new access, Koho will be able to offer its users a more seamless and integrated Interac e-Transfer experience. As one of the first direct connector PSPs to the Interac e-Transfer service, Koho is removing legacy constraints and creating the foundation to deliver new payment innovations faster.
"Whenever Koho undertakes this kind of work, we always do it in service of something that translates to better outcomes for Canadians," said Daniel Eberhard, CEO and founder of Koho. "With Interac and Interac e-Transfer being so central to the Canadian financial experience, we were thrilled to collaborate with Interac to bring this experience to our users. We thank both teams for all their hard work in making this a reality!"
