Zūm Rails Powers Questrade’s New Instant Deposit Feature Allowing Millions of Users to Start Trading Instantly Through Real-Time Payments Technology

MONTREAL--(BUSINESS WIRE)--Zūm Rails, a leader in fast and intelligent payment operations, is pleased to announce that it has partnered exclusively with Questrade in the online brokerage space to provide an enhanced investing experience by providing an instant funding option.

Questrade users can transfer funds in real-time from their bank account to their trading account through Zūm, enabled by Visa Direct, Visa's real-time¹ push payments platform and made available through Zūm’s financial institution partner. 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 investment 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 their clients with Visa Direct. We’re proud to be able to provide this solution through Zūm Rails, helping companies like Questrade drive greater value to the digital experience of Canadians.”

Zūm Rails Co-Founder Miles Schwartz added, “Visa Direct facilitates funds transfers in real time. There are times when you want to invest in market dips but may not have the required funds in your Questrade account. By the time transferred funds clear using traditional methods the market may have recovered. Real-time payments solve this pain point.”

Globally the value of real-time payment transactions increased to $92 trillion in 2020 compared to $69 trillion in 2019, a 32.8% increase. The growth in instant payments combined with partnering with industry leaders committed to delivering a best-in-class payments experience will continue to fuel Zūm Rail’s rapid growth.

About Zūm Rails

Zūm Rails' all-in-one payments gateway empowers businesses to pick and choose their optimal payment method mix to meet their ideal workflow through a powerful API layer or payment portal that offers the most elegant user experience in the market. Available payment services include Visa Direct, Interac, EFT and credit card. Learn more at: zumrails.com

About Questrade

Questrade is Canada’s fastest growing online brokerage that is changing the Canadian financial services industry by leveraging technology to lower fees while providing a viable alternative to traditional financial investment options, thereby allowing Canadians to Keep More of their Money. As a leader and innovator in financial services, Questrade is a trusted ally that advocates for consumers, focused on improving value. Learn more at: questrade.com 

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¹ Actual fund availability depends on receiving financial institution and region.