Scotiabank is the first Canadian-based bank to leverage SWIFT's Global Payments Initiative (SWIFT gpi) to enable its business customers to track their wire payments in real time through ScotiaConnect, the Bank's digital business banking channel.
In September of 2018, the Bank launched the wire tracking tool internally to help its business customer support groups quickly resolve customer wire status enquiries in one phone call. Today, the Bank expanded its pilot and will begin rolling out[i] this self-service online wire tracker to its ScotiaConnect business customers - giving them on-demand wire status updates, including precise location information on a wire's journey to a recipient bank.
"Technology continues to evolve at a rapid rate and we need to ensure that we continue to develop and deliver products and services that meet the changing needs of our customers and makes it easier to do business with us," said Rania Llewellyn, Executive Vice President, Global Business Payments at Scotiabank. "This is another initiative we are launching to modernize and digitize the payments experience for our customers and we are thrilled to do it in partnership with SWIFT."
With the launch of this new online self-service tool, Scotiabank is putting information into the hands of its ScotiaConnect business customers in Canada who need on-demand and real-time information on the status of their wire payment as it makes its way to the recipient bank. SWIFT gpi also increases the speed of international wire payments with 50% of payments credited to end beneficiaries in less than 30 minutes.