Canadian fintech Flinks has launched ‘Guaranteed EFT’ to offer real-time, risk-free and secure account funding.
Flinks’ data connectivity and Open Banking capabilities sit behind ‘Guaranteed EFT’, which is easily integrated into financial institutions’ banking platforms.
Flinks has launched the new product to address the “inefficiencies and risks” of traditional electronic funds transfers (EFTs).
According to Flinks, EFTs facilitated more than 3.2 billion transactions in Canada in 2023, totalling $7.2 trillion, making it one of the main payment rails for account funding and deposits.
Jimmy Chung, product marketing manager at Flinks, said: “Despite being a cornerstone of Canada’s financial ecosystem, EFTs can take days to process, causing frustration and disruptions for Canadians and inefficiencies for financial institutions.
“That’s why we’re excited to announce Guaranteed EFT, a major enhancement to Flinks Pay that modernizes EFTs by enabling near real-time, risk-free account funding.”
‘Guaranteed EFT’ enables customers to securely connect their external bank accounts via Flinks’ interface to access a network of more than 250 Canadian banks and credit unions.
By retrieving financial data, Flinks is able to conduct instant identity, balance and risk checks for each transaction, with verified transactions “guaranteed” by Flinks and processed within the same day.
Chung added: “Guaranteed EFT marks a major milestone in our journey toward delivering real-time, Open Banking payments.
“By addressing and overcoming the long-standing inefficiencies of traditional payment systems, Flinks Pay empowers financial institutions to meet modern demands for faster, more secure, and more reliable services.”
Further reading: Flinks chosen by Canadian credit union to enable Open Banking functionality
