Canadian Lawmakers Target Opaque Bank-Owned Payment Firm (2)

Canadian lawmakers took aim at the country’s widely used money-transfer service, run by Interac Corp., and hinted that its owners should be forced to sell it.

Interac’s Chief Executive Officer Jeremy Wilmot was grilled by Parliament’s Industry and Technology Committee in Ottawa Monday, two weeks after Canada’s competition commissioner confirmed he had launched a preliminary investigation into the company’s conduct over electronic transfers.

Its e-Transfer service moves money electronically between accounts, is distinct to Canada and is used in about 100 million transactions per month.

Conservative lawmaker Michelle Rempel Garner cited an Interac fee schedule at an Oct. 28 ...