Scotiabank and Interac Association/Acxsys Corporation ("Interac") today announced the launch of Bulk Interac e-Transfer for Scotiabank's business banking customers.
This service extends the Interac e-Transfer service to Scotiabank's business banking customers by offering a streamlined, secure and cost-effective alternative to cash, cheque or prepaid card disbursements.
"Scotiabank is pleased to be the first Canadian Bank to offer this innovative new service to meet the needs of our business banking customers," said Rania Llewellyn , Senior Vice President, Cash Management and Payment Services at Scotiabank. "We are always looking for new ways to make everyday business transactions fast, easy and secure for our customers, and with the Bulk Interac e-Transfer service, our business banking customers have more choices to send electronic payments efficiently."
The Bulk Interac e-Transfer service allows businesses to migrate to electronic payments with ease and simplifies the management of payments by minimizing back-office operational burden. Through an automated file transfer process, businesses can securely and reliably send multiple payments in a single file upload, eliminating the need to issue, track and reconcile costly cheques or handle cash payments.
"The Bulk Interac e-Transfer service is a game-changer for commercial disbursements in Canada ," said Mark O'Connell , President and CEO, Interac. "Our leadership within the Canadian payments space enables clients, such as Scotiabank, to leverage not only our expertise in electronic money transfers, but also our knowledge and proven capabilities in fraud detection and prevention, data analytics, direct messaging and reporting."
Key features of the Bulk Interac e-Transfer service include:
- Flexibility: The service has an overnight processing option and notifications of payments can be delivered to an email address or mobile phone number. There is no minimum value for payments and the expiration dates can be set for up to 364 days in advance.
- Customization: Businesses will have the option to generate customized HTML notifications that bring brand familiarity to the payment notifications.
- Detailed Reporting: Businesses will receive real-time acknowledgment and daily status reports, including the statuses of pending and cancelled transactions.
- Security: Recipients will be able to safely and securely deposit their funds anywhere and anytime they have access to online banking. Each payment is password protected with a security question that the recipient must correctly answer to receive the funds. No financial information is ever shared.