Scotiabank Introduces Scotia TranXact, a Digital Payments Platform for Business Banking Clients

Scotiabank recently announced the launch of Scotia TranXactTM – a digital payments platform that “provides business banking clients with on-demand access to Scotiabank’s payments and cash management Application Programming Interfaces (APIs).”

With Scotia TranXact business banking clients now “have access to real-time payments, request-to-pay and account information services via APIs.”

Chris Manning, Senior Vice-President of Global Business Payments at Scotiabank, said:

“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. 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.”

By integrating directly into clients’ platforms, such as treasury management systems and enterprise resource planning (ERPs), Scotia TranXact APIs “provide increased automation, greater predictability, and a frictionless payments experience.”

These APIs “enable clients to digitize day-to-day financial activities, improve cash flow forecasting and enhance their real-time payment processes.”

Manning added:

“We developed Scotia TranXact to deliver 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. As businesses seek to lower costs and drive further digitization in their payments processes, Scotia TranXact APIs unlock new opportunities for digital innovation.”

Scotia TranXact and the launch of APIs is “another in a series of investments by Scotiabank designed to improve the experience of business banking clients in the evolving digital ecosystem.”

Scotiabank will continue “to invest in the ongoing digitization of cash and treasury management services to meet the increasingly digital needs of global business banking clients.”

On August 10, 2022, Scotiabank released its inaugural ScotiaRISE Impact Report, “providing highlights from the first year of the Bank’s 10-year, $500-million community investment commitment to strengthen economic resilience among disadvantaged groups.”

Guided by its purpose, for every future, Scotiabank launched ScotiaRISE in January 2021 with a mission “to strengthen economic resilience among disadvantaged groups across the communities where it operates.”

Through the initiative, Scotiabank partners “with organizations to support disadvantaged people in becoming more economically resilient by helping them overcome barriers and fully participate in the economy.”

For more details, check here.

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