In an increasingly digital world, businesses are looking to digitize their operations and deliver seamless interactions with customers. Businesses are seeking to meet the demands of today’s instant, 24/7 lifestyle through new innovative solutions. Scotia TranXactTM APIs allow businesses to embed digital payments services into their workflows to enable real-time, frictionless experiences for their customers.

Application Programming Interfaces (APIs) are codes that allow two applications to exchange information, enabling services such as information access, transactions, and payments services. For example, when banking clients check their account balances on their mobile banking app, the balance displays are pulled via an API.

“Scotia TranXact enables businesses of all sizes to find efficiencies and build their own innovations by embedding Scotia TranXact APIs into their business processes,” said Dougal Middleton, Vice President, Enterprise Payments, Scotiabank. “This digital solution makes disbursing an insurance claim, paying a supplier, or collecting a bill payment a seamless transaction.”

Real-time payments APIs allow businesses that rely on just-in-time funds movement to have greater predictability in cash flows. Request-to-Pay APIs facilitate the collection of payments while providing visibility and information. Following the launch of Scotia TranXact, Scotiabank will continue to invest in the ongoing digitization of their cash and treasury management services to meet the increasingly digital needs of their clients.

“Providing our customers with the ability to seamlessly integrate our first set of business payment APIs within their business processes is an important step in helping our customers digitize,” said Greg Lahn, Senior Vice President, Global Head of Engineering, Commercial Banking and Payments, Scotiabank.

“Scotia TranXact was developed to the leading global practices and standards. We design everything to be ‘plug-and-play,’ so companies can readily integrate an API into their workflow. That’s proving valuable to global companies that already use banking APIs in other countries.”