Canadian lender Scotiabank has joined forces with Interac Association/Acxsys Corporation to introduce the Bulk Interac e-Transfer service for business banking customers.
The new service will enable the bank’s businesses banking clients to send payments to multiple recipients at once.
The service incorporates an automated file transfer process that allows businesses to securely send multiple payments in a single file upload.
The e-transfer service offers an overnight processing option, with no minimum value for payments and also allows expiration dates to be set for up to 364 days in advance, the lender said.
In addition, the service also offers businesses the option to generate customised HTML notifications, as well as receive real-time acknowledgment and daily status reports.
Scotiabank senior vice president of cash management and payment services Rania Llewellyn said: "We are always looking for new ways to make everyday business transactions fast, easy and secure for our customers, and with the Bulk Interac e-Transfer service, our business banking customers have more choices to send electronic payments efficiently."