Tagged: fintech
How Interac e-Transfer Actually Works (It's Not Email)
5 min read
Every Canadian has sent money with just an email address or phone number. But the money never actually travels through email. Here's a plain English look at what's really happening behind an Interac e-Transfer.
Real-Time Payments: When 'Next Business Day' Becomes 'Next Few Seconds'
5 min read
We've covered the courier (wires) and the mail truck (ACH). Now meet the newest option, real-time payments, the rails built to move money instantly, any time, any day, without wire prices. A plain English look at FedNow, RTP, and Canada's upcoming Real-Time Rail.
It's Not Just NACHA: How 'ACH' Works Differently Around the World
4 min read
NACHA is a US thing. So what happens when a company has to pay employees or vendors in Canada too? A plain English look at Canada's EFT format, how it differs from NACHA, and how ISO 20022 ties the two together.
Anatomy of an ACH Payment: How Your Paycheck Actually Gets to You
5 min read
We opened up a wire message in the last post. This time, let's open up an ACH payment, the one behind your paycheck, your rent auto-pay, and your Netflix bill, and see what's really inside it, in plain English.
Anatomy of an MT103: Reading a SWIFT Wire Field by Field
4 min read
What actually happens when you wire money internationally? Here's a plain English, real world walkthrough of the message, an MT103, that carries your wire from one bank to another.
Wire vs. ACH vs. ISO 20022: A Field Guide to How Money Actually Moves
5 min read
Every payment travels over one of a small number of rails. Here's a simple, plain English breakdown of the three you'll run into most, wires, ACH, and ISO 20022, with real world examples for each.