New Bulk Interac e-Transfer service enables businesses to send payments to multiple recipients at once
TORONTO, October 26, 2015 – 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.
For more information, visit www.scotiabank.com and www.interac.ca/bulk.
Scotiabank is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 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 87,000 employees and assets of $863 billion (as at July 31, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank’s media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.
About Interac Association and Acxsys Corporation
Interac is Canada’s leading payment brand. Together, Interac Association and Acxsys Corporation operate an economical, world-class debit system with broad-based acceptance, 24/7 reliability, security and efficiency. The brand is chosen an average of 12 million times daily to pay and exchange money. Interac products and services securely connect people to their money at the ABM through Interac Cash, at retailers across Canada through Interac Debit and the US, and online through web based services – Interac Online for online purchases, Interac e-Transfer for person-to-person payments, and Interac e-Transfer bulk disbursement for commercial payments. In addition, Interac Flash, the secure contactless enhancement of Interac Debit, is in widespread use at retailers across Canada and provides the service for mobile NFC proximity payments. The organization is also a leader in the prevention and detection of fraud.