(February 7 – 14:20 ET) – Three major Canadian banks, CIBC, Scotiabank and TD Bank Financial Group have signed a letter of intent with CertaPay Inc. to offer their customers the ability to make secure payments using e-mail.

CertaPay Inc. specializes in Internet-based payment solutions. The company has developed software that lets bank customers send money securely via e-mail.

“E-mail payments expand what Web banking customers can do online,” says Chuck Hounsell, senior vice president, TD Canada Trust. “Right now, consumers can view their accounts, transfer funds between accounts at the same bank and pay bills to businesses. With CertaPay, consumers can send money to and receive money from anyone with an e-mail address. It will be the service that encourages more Canadians to bank online.”

To make a payment, bank customers will access their accounts online and specify the recipient’s name and e-mail address. The recipient will receive an e-mail notification instantly with directions on how to collect the payment securely and in real-time.

“Millions worldwide will make person-to-person payments over the next few years,” says Michael Ginsberg, CertaPay’s president and CEO. “A number of international banks have expressed interest in CertaPay, and we intend to take our payment technology to markets outside of North America.”

CertaPay Inc. was formed in 2000 as a privately held person-to-erson payment provider. It’s management team has developing financial industry initiatives at such firms as FundSERV Inc., Trimark Investment Management Inc., Bayshore Trust and i|money.
-IE Staff