Scotiabank becomes 1st bank in Canada to offer new enhanced Interac e-Transfer experience to help businesses keep better track of payments and streamline complex reconciliation processes

TORONTO, Oct. 20, 2020 /CNW/ - Scotiabank today extended its support for businesses with the launch of Canada's first enhanced, data-rich, Interac e-Transfer® experience for business. Building on a strong foundation of digital payment and market leading solutions, Interac e-Transfer for Business on ScotiaConnect is the latest step in the Bank's payments modernization journey.

"We heard from clients who are frustrated by low transaction limits, delays in receiving money, or have no information on what a payment was for, and accelerated the deployment of Interac e-Transfer for Business through Scotiabank to better meet their needs," said Chemi Nanglu, Head, Global Business Products & Operations, Scotiabank. "With Interac e-Transfer for Business, our business banking customers can pay and get paid faster, more conveniently, all while minimizing their risk of fraud."

This convenient, easy-to-use, digital solution allows businesses to:

• Send up to $10,000 with every payment, with no daily or weekly limit
• Leverage Scotiabank's robust fraud monitoring platform that is integrated with our ScotiaConnect digital channel
• Include payment details, like those found on an invoice, saving businesses time by allowing for easier reconciliation of financial activity
• Make payments the day they are due, improving their working capital

When using this secure digital service, money will be deposited directly into the business' account without them having to visit a branch or action the deposit.

"Canadian businesses have much to gain from digital solutions that make payments seamless, faster, and more transparent," said Peter Maoloni, Vice President, Product and Services, Interac Corp. "These continued enhancements of Interac e-Transfer have built on the widespread adoption of the platform by Canadians and Scotiabank's enablement of Interac e-Transfer for Business is a testament to its applicability in the Business payment space. Enabling capabilities like increased limits and data-rich payments will allow businesses to streamline their accounting processes."

As a leader in banking innovation, Scotiabank continues to accelerate its digital transformation journey and has delivered solutions to support business customers. These build on previous first-to-market solutions for business customers such as our integrated mobile app and digital security token, often referred to as "CEO-on-the-Go", a re-envisioned digital platform, ScotiaConnect, and a "World Class" Technical Service & Support team, as designated by SQM Group.

Interac e-Transfer for Business is currently available for business banking customers on ScotiaConnect, with further enhancements to the service launching later this year.  

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 $1.2 trillion (as at July 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit our website and follow us on Twitter @ScotiabankViews.

About Interac Corp.

Interac Corp., a payments and digital information exchange organization, operates an economical, world-class debit payments system with broad-based acceptance, reliability, security and efficiency. For more than 35 years, Interac Corp., along with its predecessors, Interac Association and Acxsys Corporation, has been one of Canada's leading and most trusted financial brands. Today, Interac solutions are chosen an average of 18 million times daily to pay and exchange money. Interac, alongside its subsidiary company 2Keys Corporation, is also a leader in digital authentication and security capabilities. We have one of the lowest rates of fraud globally due to our work in fraud detection and prevention. Interac Corp. has a diverse group of shareholders including banks, credit unions, caisses populaires, payment processors and merchants, and nearly 300 financial institutions are connected to our network. Visit newsroom.interac.ca to learn more.

Interac and Interac e-Transfer are registered trade-marks of Interac Corp. Used under licence.

SOURCE Scotiabank