OnBoard Winter 2016 - page 10

ON
BOARD WINTER 2016
10
OPEN
FOR BUSINESS
ASK THE EXPERT
Scotiabank introduces
Bulk Interac e-Transfer
New service helps customers drive business forward
In October 2015, Scotiabank was proud to be the first
Canadian bank to introduce an exciting new service
designed to offer a new level of convenience for business
banking customers.
On Board
asked Rania Llewellyn,
Scotiabank, Senior Vice President, Cash Management &
Payment Services, to explain Bulk
Interac
e-Transfer and
the benefits it delivers to customers.
Q. Tell us about Bulk
Interac
e-Transfer
A.
Rania Llewellyn: Scotiabank is always looking for new
ways to make everyday business transactions fast, easy
and secure for our customers. This exciting new product is
an innovative electronic payment solution for businesses,
allowing companies to send Canadian dollar payments to
recipients who bank with a Canadian financial institution.
Q. How is this service unique in the market?
A.
Bulk
Interac
e-Transfer has never been available to
businesses before. Companies no longer need to issue,
track and reconcile cheques or handle cash payments.
And unlike traditional electronic payments for businesses,
there is no need to obtain the recipient’s bank account
number or other classified information. Only an email
address is required.
Q. How does the new service work?
A.
First, the customer generates a payment file, which
includes the recipient’s email address and the payment
amount, as well as a security question and answer. Then
the file is uploaded to Scotiabank for onward submission
to
Interac
. The recipient will receive an email notification
with instructions on how to deposit the funds.
Q. Can you identify some of the key features?
A.
Businesses have the option to generate customized
HTML templates that bring brand familiarity to their
payments. Recipients can safely and securely deposit
their funds anywhere in Canada, as long as they have
access to online banking with
Interac
capability. Each
payment is password protected with a security question
that the recipient must answer correctly to receive the
funds. There is no minimum value for payments, and the
expiration dates can be set for up to 364 days in advance.
Our customers will also receive status reports, including
completed and cancelled transactions.
Q. What kinds of business scenarios would
be ideal for Bulk
Interac
e-Transfer?
A.
This service is perfect for businesses that employ
short-term, seasonal workers or for utility and
telecommunications companies that need to refund
customer overpayments. Insurance companies can
streamline the process of refunding customer premiums
or paying out small claims. Manufacturers can benefit
because they can fulfill after-purchase rebates. Basically,
any non-recurring payment can be sent using this
innovative new service.
Q. How will companies benefit
from this service?
A.
Bulk
Interac
e-Transfer is a fast, safe, cost-effective and
convenient payment solution for our customers. Businesses
will save time and money by eliminating the need to mail
and track costly cheques. And this service is secure. No
account information or personal details change hands
because only the recipient’s email address is required.
To find out more about how your business can benefit
from Bulk Interac e-Transfer service, visit
scotiabank.com/bulkinterac
.
With Rania Llewellyn
Scotiabank, Senior Vice President, Cash Management & Payment Services
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