VoPay Instant: Instant Payouts in Canada

Introducing Real-Time Bank Payments in Canada

VoPay is driving innovation on the leading edge of the Canadian real-time payments landscape. We are excited to announce our newest rail, VoPay Instant that allows you to Push funds in real-time to any Canadian bank account holder.

Enjoy complete visibility over payment flows and real-time transaction updates. Automate reconciliations and access detailed reporting with VoPay’s intuitive platform.

How does it work?

VoPay Instant is a push payment available for use through the API or through the Client Dashboard. In order to facilitate a transaction, VoPay Instant requires the bank information for which the funds are to be sent.

Businesses only require the recipient’s bank account details to send money.
VoPay iQ11 can be used to facilitate the collection of bank account details (if you don't already have this information for the recipient).
These account details are tokenized and can then be used to send real-time payments through VoPay Instant.
Once the payment is sent, all status updates are reflected via the API and dashboard. The recipient doesn't need to complete any additional steps to confirm the transaction

A maximum of $25,000 can be sent per transaction. It is possible to send multiple transactions to the recipient if the amount to be sent is greater than $25,000. Transaction limit terms and conditions apply.

VoPay Instant Processing times

Through VoPay Instant, you can initiate payments 24/7/365.

Transactions are processed in real-time, and funds are deposited in the recipient's bank account in a matter of minutes (as low as a minute, and up to 30 minutes for some financial institutions).

Use Cases

Instant Loan Disbursements
Emergency Funding
Insurance Claim Payouts
Healthcare Reimbursement
Earned Wage Access

Benefits of VoPay Instant

Real-Time Disbursement of Funds
Customizable Payment Flows
White-Label Branding
Does not require end-user intervention
Exceed customer expectations with faster payments

Supported Institutions

VoPay Instant covers greater than 95% of Canadian bank accounts through the following financial institutions:

ATB Financial
BMO Bank of Montreal
CIBC
Coast Capital Savings
CTBC Bank Corp.
Desjardins Group
Envision Financial, A Division of First West Credit Union
HSBC Bank Canada
Integris Credit Union
Island Savings
Kindred Credit Union
Meridian Credit Union
Motus Bank
National Bank of Canada
Peace Hills Trust
Peoples Trust Company
RBC Royal Bank
Salmon Arm Savings and Credit Union
Scotiabank
Tandia Financial Credit Union
TD Canada Trust
Valley First
Vancity Credit Union
VantageOne
Windsor Family Credit Union

The set of institutions continues to grow each month, and we will update this list accordingly.

Transaction and cancellation statuses

Status	Description
PENDING	Transaction received by VoPay
IN PROGRESS	Transaction dispatched to the network
SENT	Funds have been sent to the recipient
SUCCESSFUL	Funds have been cleared, and the deposit is complete

Error codes

In the event that invalid banking info was provided to us, transactions are returned with "7 - Failed initialization" error.