Tuesday, March 21, 2023
Scotiabank has completed an important payments transformation milestone with ISO 20022, paving the way for new business services that will streamline experiences for our global clients.
The SWIFT (Society for Worldwide Interbank Financial Telecommunication) system migration upgrade allows Scotiabank the ability to process ISO 20022 wire payments for clients throughout its global footprint across 26 markets in North America, Latin America, Caribbean, Europe, and Asia Pacific. SWIFT has led the global migration to ISO 20022 for wire payments, an upgrade that enables payments to become borderless and context-rich.
"This is another in a series of investments in our payments platform, designed to improve customer experiences," said Matthew Parker-Jones, SVP, Products and Operations, Global Business Payments at Scotiabank. "As richer payment data becomes available, our upgraded payments platform will empower clients to make better business decisions, automate processes, and have greater control over their working capital. Being ready for ISO 20022 opens the door to limitless possibilities. Scotiabank is committed to being at the forefront of this payments and commerce modernization."
The transition to ISO 20022 will enable a host of benefits. Due to its rich structure, ISO 20022 facilitates greater transparency and an increase in operational efficiencies that can be easily incorporated into existing back-office systems and evolving payment ecosystems. Scotiabank currently offers Interac e-Transfer for business, a fast and easy way for clients to send and receive payments for business transactions that is already built on the ISO 20022 payment standard.
"ISO 20022 will drive harmonization across our domestic and international payments footprint," continued Parker-Jones. "As adoption of ISO 20022 increases, the richer payment data will provide better insights and make reconciliation easier for our clients. Scotiabank will continue to invest in unlocking the power of data to deliver new value that meets the needs of global business banking clients."
Bringing ISO 20022 to the global financial community is a giant leap forward in modernizing payments – made possible by strong industry collaboration with Payments Canada, SWIFT, European Central Bank, and other global payments partners.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success 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. With a team of over 90,000 employees and assets of over $1.3 trillion (as at January 31, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @Scotiabank.
For media enquiries: Jennifer Dillabough, Scotiabank, PH: +1 (647) 409-1327, E: [email protected]