Sunday 24 May, 2020

Up to 60% savings for businesses that use Scotia's online facility

Perrin Gayle, Senior Vice President for Corporate and Commercial Banking at Scotiabank.

Perrin Gayle, Senior Vice President for Corporate and Commercial Banking at Scotiabank.

Scotiabank says local businesses could see a reduction of up to 60 per cent in annual banking fees and significant reductions in processing times for some transactions if they utilize its online banking options.

The Scotiabank Global Transaction Banking team is urging more business owners and operators to consider digital channels for routine banking transactions including wire transfers, salaries and payments to regular suppliers.

“Since the COVID-19 outbreak, we have seen a spike in local businesses signing up for online banking services, shared Perrin Gayle, Senior Vice President for Corporate and Commercial Banking at Scotiabank.

“Our digital banking channel offers a comprehensive range of banking services and is the ideal way of keeping abreast of day-to-day finances, while of course, offering the added benefit of lower fees for certain transactions,” he pointed out.

Underscoring the reduction in costs, Gayle shared that businesses could benefit from up to 17 per cent reduction in wire transfer fees, if done electronically.

Similarly, cheque payments could cost up to J$385 in fees per cheque, while online deposit payments cost only $8 per transaction - a reduction of approximately 98  per cent. “That’s significant savings monthly,” he highlighted.

Scotia Business Online offers customers the opportunity to make deposits, view transactions and credit card statements, make payroll and local utility payments, complete third-party payments to suppliers, and conduct local Real Time Gross Settlement (RTGS) transactions or wire transfers overseas among other services.

“During this period, we are strongly advising our business customers to utilise online payments as a way of reducing the potential risk of exposure to the virus for both their employees and other payees,” Gayle urged while noting that the bank has also had to limit the number of persons allowed in branches in compliance with physical distancing requirements.

He further noted that Scotiabank is also now making rapid improvements to accommodate faster and increased volumes of transactions.

Online banking is part of Scotiabank’s Cash Management Services Suite, which also includes a Consolidated Cash Plan (CCP) used by large companies with several locations making multiple deposits.

As an impetus to get businesses to join the online banking platform, the Bank is now offering three months’ free access for new entrants and a waiver of the onetime onboarding.

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