Scotiabank is fully ISO 20022 ready across all regions, helping businesses reconcile payments in minutes and track cash flow in real time. These capabilities let clients optimize working capital and minimize errors, making daily operations simpler and more reliable.
While the end of the coexistence period marks an important industry milestone, standards alignment is only the foundation. What matters most now is how ISO 20022 helps clients create more informed, transparent and efficient payment experiences. Scotiabank is now providing clients in Canada with the means to take advantage of ISO 20022 benefits and is also offering support for this transition through three key pathways:
1. Outbound payments
Clients can send wires and domestic real time payments in Canada with richer and more structured remittance information. This gives businesses clearer information and improved payment certainty, while giving suppliers the data needed to apply payments quickly, building trust and communication across the buyer–supplier relationship.
2. Inbound payments through enriched balance and transaction reporting
Clients can receive enriched payment data through account reporting. This includes delivery through digital channels such as ScotiaConnect® Digital Banking, Application Programming Interfaces (APIs), and Host-to-Host connections. The added detail supports better visibility for day-to-day decision making and directly supports account reconciliation and forecasting.
3. Inbound payments through Receivables Reporting
Rich ISO data received is incorporated directly into Scotiabank’s Receivables Report1. This accelerates matching, reduces exceptions in invoice matching, and helps automate cash application, cutting down on the time clients spend gathering information. Pilot users have already highlighted how simple it is to use, how much information is available, and how much easier reconciliation has become.
Structured remittance information available across wires, Interac e-Transfer† payments, ScotiaConnect® and APIs allow clients to match and reconcile payments in just a few minutes, where it previously took 20 to 30 minutes. With enriched fields presented across ScotiaConnect® and Host-to-Host channels, clients can access all payment information in a single place. Feedback from our reporting pilot confirms that the solution delivers exceptional value – providing comprehensive information, simplifying reconciliation, and offering an intuitive experience from the start.
Helping Clients Experience the Benefits Now
ISO 20022 enables more data and context to travel with a wire payment. Coupled with Scotiabank’s transparency features and real-time payment tracking through SWIFT GPI, clients gain clearer insights into the end-to-end payment journey as funds flow across borders. This supports more predictable outcomes and reduces the manual intervention that can slow operations.
Our ISO 20022 capabilities support sending and receiving compliant messages across 26 different markets in North America, Latin America, the Caribbean, Europe, and Asia Pacific. This includes alignment with Canada’s Lynx, Fedwire in the U.S., Europe’s TARGET2, Chile’s Central Bank, Hong Kong’s CHATS, and the Bank of Jamaica (BOJ) in the Caribbean, among other market infrastructures.
Part of Scotiabank’s Continued Investment in Modern Payment Experiences
ISO 20022 is one part of Scotiabank’s ongoing investment in our global payments platform, designed to deliver richer, more resilient payment experiences. These enhancements give clients better access to information, more control over their payments, and the flexibility to interact through the channels they prefer – ScotiaConnect®, Host-to-Host, or APIs – when and how they want. Our continued investment helps businesses manage payments with greater ease and efficiency.
Industry Evolves
As the payments ecosystem embraces data-rich standards, Scotiabank is helping clients reconcile payments faster with confidence. By providing timely, detailed information through the channels they prefer, we simplify day-to-day operations, reduce exceptions, and give clients what they need to make smarter, more informed decisions.
Connect with a Scotiabank Relationship Manager to learn more about how Scotiabank’s data-rich services, including Structured Remittance Advice and Receivables Reporting, can optimize overall cash flow management.
† Interac e-Transfer is a registered trademark of Interac Inc. used under license.
