Scotiabank offers all business customers with
the new INTERAC e-Transfer for Business service the ability to send
& receive real-time payments using a recipient's account number
or email address
TORONTO, Dec. 9, 2020 /CNW/ - Scotiabank is the
1st financial institution in Canada to offer real-time payments for all
business banking customers using flexible routing options like an
account number or email address, using Interac
e-Transfer® for Business. This, along with data-rich
remittance information will make it easier for businesses of all
sizes to pay one another and reconcile transactions in
real-time.
"We are proud to be the first bank in Canada to introduce faster payments for our
business banking customers," said Chemi
Nanglu, Head, Product & Operations, Global Business
Payments at Scotiabank. "With new capabilities, like enhanced data
to ease reconciliation and account number routing to make sending
payments easier, we are continuing to enable value added services
as we upgrade our payment capabilities."
The ability to send and receive data-rich payments in real time
optimizes cash flow so businesses can put their money to work right
away. Transactions are processed in real-time, with confirmation of
payment delivered within 5 seconds and funds available to the
recipient immediately. This makes it possible for businesses to
take advantage of 'just-in-time' payments, allowing them to
maximize working capital. Real-time payments also minimize the
likelihood of late payments or allows a user to take advantage of
early payment discounts from suppliers without needing to account
for time delays or manual processing associated with legacy payment
products like Electronic Fund Transfers (EFTs) or cheques.
"Interac e-Transfer for Business is poised to do for
business payments what Interac e-Transfer did for peer to
peer transactions," said Peter
Maoloni, Vice President, Product and Services, Interac Corp.
"With enhanced capabilities like real-time, high-value and
data-rich payments, businesses can streamline accounting processes
to maximize the efficiency in utilizing working capital for their
business' financial management needs."
Scotiabank business customers can now send and receive payments
using a recipient's account number or email address for added
choice and flexibility. The ability to route the payment through
various options allows for greater security, flexibility and
simplicity by directly sending and receiving payments using the
information that works best for both the sender and recipient of
funds. For example, the ability to send directly to a bank account
can leverage payment information already on-file for transactions.
Additionally, businesses can include invoice information,
remittance details and send higher amounts compared to traditional
Interac e-Transfer transactions for ease in reconciliation
and processing.
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 $1.1 trillion (as
at October 31, 2020), Scotiabank trades on the Toronto Stock
Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For
more information, please
visit http://www.scotiabank.com and follow us on Twitter
@ScotiabankViews..
About Interac
Interac Corp. empowers Canadians to transact digitally with
confidence by providing payment and value exchange services rooted
in security, reliability, and efficiency. As a leader in digital
security and authentication alongside our subsidiary, 2Keys
Corporation, security is the core of everything we do. Through our
world-class privacy, fraud mitigation and governance expertise, we
help keep Canadian customers safe and secure when transacting with
Interac. With nearly 300 financial institutions connected to our
network, Canadians choose Interac products an average of 18 million
times a day to pay and exchange money. Interac is committed to
championing workplace culture and corporate citizenship based on
the principles of responsibility, diversity and inclusion. We are
proud to be one of Canada's
leading and most trusted financial brands. For more information,
visit newsroom.interac.ca
The Interac logo and Interac e-Transfer are
registered trade-marks of Interac Corp.
SOURCE Scotiabank