Zūm Rails powers Questrade’s new instant deposit functionality allowing millions of users to start trading instantly with real-time payment technology
MONTREAL – (COMMERCIAL THREAD) – Zūm Rails, a leader in fast and intelligent payment transactions, is pleased to announce that it has partnered exclusively with Questrade in the online brokerage space to provide an enhanced investment experience by providing an instant finance option.
Questrade users can transfer funds in real time from their bank account to their trading account through Zūm, activated by Visa Direct, Visa’s real time service.1 push payment platform and made available through Zūm’s partner financial institution. Zūm’s solution leverages industry-leading security features and, through Visa Direct, enables users to send and receive payments in real time through Visa’s global payment network.
“For many Canadians, online investing platforms represent a simpler and more efficient way to invest. The movement of money should be no exception, ”said Jim Filice, vice president and head of new payments, Visa Canada. “Having the ability to transfer funds to and from their bank accounts and online investment portfolios in real time is something Zūm Rails can offer its customers with Visa Direct. We’re proud to be able to deliver this solution through Zūm Rails, helping companies like Questrade bring greater value to the digital experience of Canadians.
Zūm Rails co-founder Miles Schwartz added, “Visa Direct makes it easy to transfer funds in real time. There are times when you want to invest in market downturns but you might not have the necessary funds in your Questrade account. By the time the transferred funds are cleared using traditional methods, the market may have recovered. Real-time payments solve this problem.
Overall, the value of real time payment transactions reached $ 92 trillion in 2020, up from $ 69 trillion in 2019, an increase of 32.8%. The growth of instant payments combined with partnering with industry leaders committed to delivering a best-in-class payment experience will continue to fuel Zūm Rail’s rapid growth.
About Zūm Rails
Zūm Rails all-in-one payment gateway enables businesses to choose their optimal combination of payment methods to meet their ideal workflow through a powerful API layer or payment portal that delivers the most user experience. elegant from the market. Payment services available include Visa Direct, Interac, EFT, and credit card. Learn more about: zumrails.com
About Questrade
Questrade is Canada’s fastest growing online brokerage firm transforming the Canadian financial services industry by leveraging technology to lower fees while providing a viable alternative to traditional financial investment options, thereby enabling Canadians to keep more of their money. As a leader and innovator in financial services, Questrade is a trusted ally who advocates for consumers, focused on improving value. Learn more about: questrade.com
1 The actual availability of funds depends on the recipient financial institution and region.