The new service is from hyperWallet Systems Inc., a Vancouver, British Columbia, provider of global payment solutions, and can be used to transfer funds to more than 30 countries, the company said.
Canadian consumers can sign up for the service at www.hyperwallet.com or use a link within their credit union's online site, the company said. The average cost per transfer is about $7, hyperWallet said.
"We're providing consumers with a convenient, secure and fee-friendly alternative compared to traditional wire transfers, checks and remittance services," said Lisa Shields, CEO of hyperWALLET Systems. "We're also opening up a new revenue stream for our financial institution partners without requiring additional capital investment, thanks to our platform's existing integration with leading credit union online banking services."
The company said it also is working on mobile banking solutions and that it now serves more than 200 credit unions.