Why ScotiaBank is introducing Cross-Banking Transfers – Supreme Ventures Mobile Money on the horizon

“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:

ScotiaBank Mobile Banking on Google Play

ScotiaBank Caribbean - Banking in Google Play  

ScotiaBank Caribbean - Mobile Banking on Apple iTunes