Interac, owned jointly by Canada’s big banks, is the country’s main payments provider. Toronto-based fintech Wealthsimple is the first non-bank or credit union approved to use Interac’s e-transfer service, which lets individuals send money to each other. Companies that are both FINTRAC-regulated money service businesses and investment dealers regulated by the Canadian Investment Regulatory Organization are eligible to apply for customer access, Interac said in a release. (The Logic)

Talking point: Wealthsimple previously accessed Interac’s e-transfer system indirectly via a banking partner, Hanna Zaidi, Wealthsimple’s chief compliance officer for payments, told The Logic in an email. “By joining their system as a direct participant, it means we can offer our clients a better experience when moving their money—things like higher transfer limits and faster settlement times, which are important factors when making investment decisions.” Zaidi also said it will also help the company unlock new products and services, but declined to share specifics.