Completion of ISO 20022 upgrade enables
payments to carry more context and information, and will provide a
launchpad for new global payments innovations
TORONTO, March 21,
2023 /CNW/ - Scotiabank has completed an important
payments transformation milestone with ISO 20022, paving the way
for new business services that will streamline experiences for our
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
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.