Canadian banking group Scotiabank announced on Wednesday it is offering 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. According to Scotiabank, transactions are processed in real-time, with confirmation of payment delivered within 5 seconds and funds available to the recipient immediately.
“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.”
Scotiabank further revealed that business customers may now send and receive payments using a recipient’s account number or email address for added choice and flexibility. Chemi Nanglu, Head of Product and Operations, Global Business Payments at Scotiabank, stated:
“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 banking group added:
“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.”