Scotiabank becomes 1st bank in Canada to offer new enhanced Interac
e-Transfer experience to help businesses keep better track of
payments and streamline complex reconciliation processes
TORONTO, Oct. 20, 2020 /CNW/ - Scotiabank today extended
its support for businesses with the launch of Canada's first enhanced, data-rich,
Interac e-Transfer® experience for business. Building on a
strong foundation of digital payment and market leading solutions,
Interac e-Transfer for Business on ScotiaConnect is the
latest step in the Bank's payments modernization journey.
"We heard from clients who are frustrated by low transaction
limits, delays in receiving money, or have no information on what a
payment was for, and accelerated the deployment of Interac
e-Transfer for Business through Scotiabank to better meet their
needs," said Chemi Nanglu, Head,
Global Business Products & Operations, Scotiabank. "With
Interac e-Transfer for Business, our business banking
customers can pay and get paid faster, more conveniently, all while
minimizing their risk of fraud."
This convenient, easy-to-use, digital solution allows businesses
to:
- Send up to $10,000 with every
payment, with no daily or weekly limit
- Leverage Scotiabank's robust fraud monitoring platform that is
integrated with our ScotiaConnect digital channel
- Include payment details, like those found on an invoice, saving
businesses time by allowing for easier reconciliation of financial
activity
- Make payments the day they are due, improving their working
capital
When using this secure digital service, money will be deposited
directly into the business' account without them having to visit a
branch or action the deposit.
"Canadian businesses have much to gain from digital solutions
that make payments seamless, faster, and more transparent," said
Peter Maoloni, Vice President,
Product and Services, Interac Corp. "These continued enhancements
of Interac e-Transfer have built on the widespread adoption
of the platform by Canadians and Scotiabank's enablement of
Interac e-Transfer for Business is a testament to its
applicability in the Business payment space. Enabling capabilities
like increased limits and data-rich payments will allow businesses
to streamline their accounting processes."
As a leader in banking innovation, Scotiabank continues to
accelerate its digital transformation journey and has delivered
solutions to support business customers. These build on previous
first-to-market solutions for business customers such as our
integrated mobile app and digital security token, often referred to
as "CEO-on-the-Go", a re-envisioned digital platform,
ScotiaConnect, and a "World Class" Technical Service & Support
team, as designated by SQM Group.
Interac e-Transfer for Business is currently available
for business banking customers on ScotiaConnect, with further
enhancements to the service launching later this year.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future", we help our customers, their
families and their communities achieve success through a broad
range of advice, products and services, including personal and
commercial banking, wealth management and private banking,
corporate and investment banking, and capital markets. With a team
of over 90,000 employees and assets of approximately
$1.2 trillion (as at July
31, 2020), Scotiabank trades on the Toronto Stock
Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).
For more information, please visit our website and follow
us on Twitter @ScotiabankViews.
About Interac Corp.
Interac Corp., a payments and digital information exchange
organization, operates an economical, world-class debit payments
system with broad-based acceptance, reliability, security and
efficiency. For more than 35 years, Interac Corp., along with its
predecessors, Interac Association and Acxsys Corporation, has been
one of Canada's leading and most
trusted financial brands. Today, Interac solutions are chosen an
average of 18 million times daily to pay and exchange money.
Interac, alongside its subsidiary company 2Keys Corporation, is
also a leader in digital authentication and security capabilities.
We have one of the lowest rates of fraud globally due to our work
in fraud detection and prevention. Interac Corp. has a diverse
group of shareholders including banks, credit unions, caisses
populaires, payment processors and merchants, and nearly 300
financial institutions are connected to our network. Visit
newsroom.interac.ca to learn more.
Interac and Interac e-Transfer are registered
trade-marks of Interac Corp. Used under licence.
SOURCE Scotiabank