Anthony Miscio Director International Solutions, Global Transaction Banking at Scotiabank

InterAction recently spoke with Scotiabank's Anthony Miscio, Director, International Solutions, Global Transaction Banking, about ScotiaGlobal, the one-stop electronic banking system for Canada, the United States and Mexico.

IA: What are the benefits to multinational companies in managing their finances through electronic banking platforms like ScotiaGlobal?

AM: Multinational companies typically operate in a number of different countries and tend to structure themselves with centralized control over banking and treasury functions. They look to a banking partner with global capabilities to provide the local knowledge, support and transactional capabilities they require where they do business. With Scotiabank's presence in some 50 countries, we are uniquely positioned to provide business customers with integrated solutions for their local and global banking needs.

ScotiaGlobal electronic banking is an example of just this type of a solution. The service enables designated individuals, regardless of location, to sign on to the system once to access local banking platforms in Canada, the U.S. and Mexico. Customers can monitor and control their cash position and manage their cross-border operations for the NAFTA region with convenience from one centralized location.

As well, ScotiaGlobal is a multilingual system with language preferences for English, French and Spanish which are selected at the user level. Multinational companies benefit from the cost-savings and efficiencies gained from having multiple employees in the same company using the platform regardless of language preference.

IA: How does this service differentiate Scotiabank from its competitors?

AM: Presently, we are the only Canadian bank that provides banking platforms in Canada, the U.S. and Mexico through a single point of access. Beyond our platform, we also have an extensive network of branches in Canada and Mexico, and offices in the U.S. so that we can provide comprehensive solutions and support to multinationals doing business across NAFTA and other regions.

IA: Describe in simple terms how the platform provides a single point of access to Scotiabank's other electronic banking services such as ScotiaConnect™ in Canada and the US, and Scotia en Linea™ in Mexico.

AM: When a customer signs on to ScotiaGlobal they immediately see real-time balances and transactions for their accounts in Canada, the U.S. and Mexico. They can also view account information from other financial institutions through SWIFT messaging.

Customers can then choose to access our local electronic banking platforms, such as ScotiaConnect in Canada and the U.S. and Scotia en Linea in Mexico, to do a variety of banking functions such as making transfers and payments without having to sign on separately. They also can link to other Scotiabank services for trade finance and foreign exchange, as well as other Scotiabank international banking platforms.

ScotiaGlobal enables customers to make informed cash flow and treasury management decisions for their operations in the NAFTA region through a single point of access. Value-added information is also provided with daily updates on market rates and economic reports for Canada, the U.S. and Mexico, and online bulletin messages with information on the service.

IA: What type of support does the Scotiabank team offer both during implementation and on an ongoing basis?

AM: Scotiabank offers full implementation and on-going support for customers using our services. For ScotiaGlobal, we also provide multilingual support in English, French and Spanish. A great deal of coordination occurs between our support teams located throughout the NAFTA region and around the world to ensure that customer needs are addressed quickly and efficiently.

IA: How do you see ScotiaGlobal evolving as services are expanded?

AM: We will continue to add new cash management and liquidity services in the NAFTA region for local and multinational customers. These new services will be developed for our online channels and available through our ScotiaGlobal platform and local electronic banking services. For example, we recently enhanced our international payment order system in Mexico that is available though Scotia en Linea electronic banking or can be accessed centrally through ScotiaGlobal. As new services are developed, our electronic banking services will benefit from increased functionality.