Canada-based Scotiabank has launched the TranXact digital payments platform in a bid to provide banking clients access to its payments and cash management APIs. Through the bank’s payments and cash management Application Programming Interfaces (APIs), business banking clients can benefit from access to request-to-pay and account information as well as real-time payments.

The Scotia TranXact APIs integrate directly into clients’ platforms such as treasury management systems and enterprise resource planning systems (ERPs) in order to improve predictability and increase automation. Clients can use the APIs to digitise day-to-day financial activities while improving real-time payment processes and cash flow forecasting. The goal is to provide a frictionless payment experience.

According to company representatives cited by worldfin. news, businesses are increasingly seeking more seamless access to banking and payment services. The Scotia TranXact platform targets businesses of all sizes in order to help them digitally transform their processes.

They also mentioned that Scotia TranXact offers a secure plug-and-play solution that can support global companies that already use banking APIs in other countries. Scotiabank plans to continue investing in the digitisation of cash and treasury management services to meet the increasingly digital needs of global business banking clients. Other Scotiabank developments Scotiabank made headlines in July 2022 for selling RM 40 million (USD 8,9 million) of its non-performing retail loans (NPLs) to an external party according to theedgemarkets.

com. As mentioned in the same source, banks usually sell NPLs in order to quickly resolve bad debt. In Scotiabank’s case, however, the entity is actually looking to wind down its operations in Malaysia.

In August 2021, Scotiabank launched Scotia SelectPay, a new payment solution for eligible Scotiabank Visa credit cards. The solution allows customers to convert purchases made on their credit cards into smaller instalment payments while still earning rewards and insurance coverage on their purchases. In order to convert eligible purchases to a Scotia SelectPay plan, clients can use their Scotia mobile banking app without having to go through additional credit checks or credit applications.

The payment and fee amounts are displayed before selecting a plan in order to help customers make informed decisions according to their financial needs. .