[derefr]

If it’s anything like Canada’s INTERAC e-transfers, you ask for the person’s email address; they receive an email bouncing them to a SAML sign-on portal with support for all major banks, which lets them use their bank to SSO into the payment system; and then the payment system uses the SSO-reflected banking details as the destination for depositing the money.

[ehPReth]

INTERAC now lets you set up auto deposit - simply go to your bank’s online banking portal and register your email and from then on any incoming transactions go to whatever account you chose. Very handy! No more “security questions”

They’re also rolling out support for phone numbers as identifiers in addition to email addresses but my bank doesn’t seem to support sending to phone numbers (or registering mine as auto deposit) yet.