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.