New, later exchange window launches for business-focused Electronic Funds Transfer Payments (EFT)

TORONTO, Oct. 1, 2018 /CNW/ - Scotiabank has launched a new, 3^rd exchange window for Canadian Dollar (CAD) Electronic Funds Transfer (EFT) payments. This is the first major industry deliverable for the Payments Modernization program and Scotiabank is providing it concurrently with other financial institutions in partnership with Payments Canada.

Scotiabank business customers will now be able to submit their CAD EFT payments later in the day as part of the 3^rd exchange and have those payments processed that same day. Previously these files were only exchanged between Banks twice a day.

"These enhancements make it easier and more convenient for our customers to do business with us and help them more effectively manage and have quicker access to their working capital," said Rania Llewellyn, Executive Vice President, Global Business Payments at Scotiabank. "The third exchange window is particularly helpful for our Western Canada customers who now have a full business day to submit their EFT payments."

EFTs are an electronic transfer of funds used by small-, medium- and large-size businesses requiring banking information to complete the transaction. Common uses include payroll or vendor payments. By using EFTs business customers can reduce their reliance on cheques and manual processing and have the convenience of pre-scheduling their payments.

About Scotiabank

Scotiabank is Canada's international bank and a leading financial services provider in the Americas. We are dedicated to helping our 25 million customers become better off 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 more than 96,000 employees and assets of $947 billion (as at July 31, 2018), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank