Scotiabank has implemented real-time wire tracking for business customers.
Through this development, Scotiabank becomes the first Canadian bank to offer this self-service tracking tool.
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The functionality leverages SWIFT’s Global Payments Initiative (SWIFT gpi). This enables Scotiabank business customers to track their wire payments in real-time. Customers access the tool through ScotiaConnect, the bank’s digital business banking channel.
This comes on the heels after the bank launched the wire tracking tool internally in September 2018. In addition, this helped its business customer support groups speedily resolve customer wire status enquiries in one phone call.
Today, the bank expands its pilot and will start rolling out this self-service online wire tracker to its ScotiaConnect business customers. Furthermore, this gives customers on-demand wire status updates. These include, precise location information on a wire’s journey to a recipient bank.
Executive vice president of global business payments at Scotiabank, Rania Llewellyn, commented:
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By GlobalData“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.
“This is another initiative we are launching to modernise and digitise the payments experience for our customers and we are thrilled to do it in partnership with SWIFT.”
Scotiabank wire tracking streamlines payments
Now Scotiabank business customers can access on-demand and real-time information on the status of their wire payment. They can also track it through the whole journey to the recipients bank account.
The digital revolution is causing shock waves across the global payments sector. SWIFT gpi brings significantly improves the handling of international payments. The standard massively increases the speed of wire payments. Scotiabank notes that 50% of payments credited to the recipient are received in under 30 minutes.
Furthermore, it boasts full transparency and provides instant information on each part of the payment journey. Overall, the Scotiabank wire tracking tool will boost operating efficiencies for both the send and the recipient.
