“It
is another way for us to improve the convenience to our customers, who will no
longer have to come into the branch to conduct transactions like these.
Imagine, a small business now being able to transfer employee salaries directly
into their accounts. It allows businesses to improve their cash-flow management
and makes everything much more efficient”
ScotiaBank District
Vice-President Dudley Walters commenting on ScotiaBank's official introduction
of Cross-Bank Transfers
ScotiaBank
has made history yet again!!
This
time they've finally joined the exclusive club of banks and official introduced
Cross-bank transfers as reported in the article “ScotiaBank
Now Allowing Cross-Bank Transfers”, published Sunday November 15, 2015, The Jamaica Gleaner.
 |
The
new feature which was announced on Friday November 13th 2015, is a follow on to
the pioneer CIBC First Caribbean and First Global, who had introduced
Cross-bank transfers back in September 2012 as reported in my blog article
entitled “CIBC
First Caribbean Jamaica and First Global introduce Cross-Network Banking - The
Avengers for the idea of a Cashless Society and Banking Anywhere”.
Since
then Sagicor has also introduce cross-bank transfers with the introduction of
their new NETteller Banking platform which they’d' rolled out in August 2015 as
reported in the article “Sagicor
Bank Rolls Out New Online Banking Platform NETteller”, published Friday
August 14, 2015 by Avia Collinder, The
Jamaica Gleaner.
Clearly
ScotiaBank is finally pleased to be joining this exclusive club, as they're not
basically stepped into the 21st Century to quote ScotiaBank District Vice-President
Dudley Walters: “We are pleased to be able to offer our customers faster and
more efficient options for the transfer of funds. Retail, Commercial and
Corporate Customers, including SMEs will also greatly benefit from this
introduction”.
So
how does ScotiaBank's cross-Bank tranfer work?
Why ScotiaBank is
introducing Cross-Banking Transfers – Supreme Ventures Mobile Money on the
horizon
Cross-bank
transfers are expected to reduce the need for customer to draw for manager's
cheques. Similar to CIBC First Caribbean and First Global, it's available
online for users of ScotiaBank to make transfer with the following limits in
the Jamaican dollar equivalent:
1. US$1,000
daily
2. US$7,000
monthly
It
expects the new service to cut back on the need for customers to write cheques
to customers of other banks and act as a cash-management tool for
businesses.
The
same caps along with associated bank charges apply to inter-branch transfers.
ScotiaBank customers are also allowed to add other recipients with other bank
accounts both within ScotiaBank as well as in other banks. Once the request for
a tranfer of funds is made online, the transfer will register in minutes, if
done before 2 p.m. if done after 2. p.m., your transaction will become available
the following day.
Because
it's basically mobile banking, this means that once you have your ScotiaBank
app or any smartphone you can both send and receive transfers from your
smartphone to any other bank and not just to ScotiaBank.
Clearly
ScotiaBank is doing this along with the other banks as they're fearing the
coming of Mobile money not that Supreme Ventures has upgrade to their IFLEX
Betting Platform that facilitates Mobile money Transfers as deduced in my blog article
entitled “Supreme
Ventures Limited IFLEX Betting Platform Upgrade - How Mobile Gambling via
Smartphone is finally coming to Jamaica”.
So
a Mobile money Wars is looming on the horizons, as clearly ScotiaBank as well
as the other banks are trying to make using the mobile Banking App more akin to
competitors like CONEC Mobile that already allow you to do Inter-Credit Union
Transfers as explained in my blog article
entitled “JCUES
now CONEC Mobile Wallet - Why CONEC Mobile Wallet still inconvenient despite
Paymaster and Remittances in the JCCUL-Mozido Jamaica mix”.
In
fact, some may say that this may be a precursor to Telecom Provider Digicel
launching Mobile money Transfers in Jamaica now that they'd rebranded Tcho-Tcho
mobile as “Mon Cash” in Haiti back in August 2015 as reported in my blog article
entitled “Why
Digicel Mon Cash Rebranding for Haiti means Mobile Money coming in 2016”.
If
you wish, you can try out the feature by downloading the Scotia Bank app for Google Play Store or Apple iTunes!
Here’s
the link:
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