Canada’s Scotiabank has debuted a new digital payments platform for business banking clients, Scotia TranXact ™, to give the business banking clients real-time payments, request-to-pay and account information services through APIs. a press release said.
Scotia TranXactTM will integrate directly into treasury management systems or enterprise resource planning (ERPs), and will give more automation and predictability to the payments experience.
“Businesses are increasingly seeking more seamless access to banking and payment services. Our growing suite of APIs, delivered through the Scotia TranXact platform, enable our clients to streamline their cash management and treasury operations,” said Chris Manning, Senior Vice-President of Global Business Payments at Scotiabank.
“Scotia TranXact provides an opportunity for businesses of all sizes to digitally transform their processes, create operational efficiencies and enable innovation as we continue to grow the platform offering.” he added
Manning added that the idea was to make a “secure, ‘plug-and-play’ solution that enables companies to readily integrate APIs into their workflows and to support those global companies that already use banking APIs in other countries.”
Scotiabank has made other innovations in recent times, including last year when it debuted a way for customers to turn their credit card balances into preset monthly installments, called Scotia SelectPay. The bank offered its Visa users this new way to extend payments over time for purchases over time, for purchases over $100, for installments to be broken down into fixed payments across three, six or 12 months.
“Our customers told us that they’re looking for more options to help them manage their finances,” Brett Mooney, senior vice-president of credit cards and lending at Scotiabank, said in a press release at the time.
He added that it would add more flexibility for customers and give them a way to keep up “rewards and lifestyle benefits” from the Scotia Visa card.