Ms. Rania Llewellyn reports
SCOTIABANK IMPLEMENTS REAL-TIME WIRE TRACKING FOR BUSINESS CUSTOMERS
Bank of Nova Scotia (Scotiabank) is the first Canadian-based bank to leverage SWIFT's (Society for Worldwide Interbank Financial Telecommunication) Global Payments Initiative (SWIFT GPI) to enable its business customers to track their wire payments in real time through ScotiaConnect, the bank's digital business banking channel.
In September, 2018, the bank launched the wire tracking tool internally to help its business customer support groups quickly resolve customer wire status enquiries in one phone call. Today, the bank expanded its pilot and will begin rolling out* this self-service on-line wire tracker to its ScotiaConnect business customers -- giving them on-demand wire status updates, including precise location information on a wire's journey to a recipient bank.
"Technology continues to evolve at a rapid rate, and we need to ensure that we continue to develop and deliver products and services that meet the changing needs of our customers and makes it easier to do business with us," said Rania Llewellyn, executive vice-president, global business payments, at Scotiabank. "This is another initiative we are launching to modernize and digitize the payments experience for our customers and we are thrilled to do it in partnership with SWIFT."
With the launch of this new on-line self-service tool, Scotiabank is putting information into the hands of its ScotiaConnect business customers in Canada who need on-demand and real-time information on the status of their wire payments as they make their way to the recipient banks. SWIFT GPI also increases the speed of international wire payments, with 50 per cent of payments credited to end beneficiaries in less than 30 minutes.
* The wire tracking tool is being made available to customers in waves and will be available to all Canadian ScotiaConnect customers starting in the spring.
About Bank of Nova Scotia
Scotiabank is Canada's international bank and a leading financial services provider in the Americas. The bank is dedicated to helping its more than 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. Scotiabank has a team of more than 98,000 employees and assets of over $1-trillion (as at Jan. 31, 2019).
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