Account Positioning
A service that maintains pre-selected account balances by transferring funds between business accounts, a loan, or an investment account.

ACCPAC^® Plus
Popular accounting software used by businesses.

Average Balance (in surplus)
Average balance (in surplus) is determined by deducting the deposit float compensating balance requirement from the average balance over the statement period, prior to interest calculation. The deposit float compensating balance requirement is equal to the dollar value of deposits during the statement period multiplied by 2.2 (average number of float days) and divided by the number of calendar days in the statement period.

Balance Management Service
A money management service for account positioning. One side of the positioning service, often used as overdraft protection.

Balance Reporting Software
Software products used by clients to access account balances and transaction information from the bank's host system. Often includes other modules used to communicate investment and F/X rates, economic indicators, etc.

Cash Concentration Services
Used to accept deposits made at remote branches of a financial institution and collect these funds in one central account. Also used to collect funds deposited at branches of other financial institutions. (See also Consolidated Cash Plan)

Cheque Reconciliation Services
The process of matching issued and paid cheques verifying a business's own record of cheques written against the bank statement. Family of automated services to execute or facilitate these activities.

Comprehensive Payables
Scotiabank's Payment Service that allows clients to issue Canadian and U.S. Dollar EFT, EDI, and cheque payments with a single file. Clients access this service using either the Scotia Payments Workstation software, or an in-house application.

Consolidated Cash Plan
Scotiabank's Cash Concentration Service for accepting remote deposits and depositing them into one central account.

Credit Card Authorization Services
Service used by merchants to verify payment during a credit card transaction.

Customer Initiated Transfers
Transfers of funds between two accounts of the same customer, initiated electronically by the customer, usually using a module of the balance reporting software.

Direct Deposit/Payment
A form of Electronic Funds Transfer. Usually used for making payroll, pension or dividend payments.

Direct Payment
The name used by Interac*** to describe debit card payments.

Electronic Commerce
The purchase and settlement of goods and services by electronic means.

Electronic Daily Statement
The Scotiabank service that provides a file of banking information for use by a company's internal accounting system. A companion product to ScotiaConnect.

Electronic Data Interchange (EDI)
The process of sending structured computer processable messages between computers so that certain transactions (such as ordering, invoicing and payments) can be processed electronically. Also used with reference to Financial EDI.

Electronic Funds Transfer (EFT)
Electronic payments either incoming, "Pre-authorized Payments (Debits to Accounts)" or outgoing "Direct Deposit".

Electronic Lockbox Reporting
An optional electronic reporting service that allows access to information about incoming cheques as they are received by lockbox processing centres.

Financial EDI
A system developed to exchange payments and associated remittance data by electronic transmission using common EDI message formats.

Large Value Transfer System (LVTS)
The LVTS is a risk-proofing, collaterial-backed payments system ensuring secure and certain payments between participating members of the Canadian Payments Association.

Lockbox Services
A post office box operated in the client's name by a bank, to which their customers' receivables are sent. These receivables include payment cheques and invoice stubs. Used to speed up the collection of receivables and minimize mail and cheque processing float.

Management Information Services
Products used to provide banking information to clients to allow them to monitor their cash position and make better business and investment decisions.

Merchant Services
A suite of products to authorize and settle direct payment and credit card transactions as well as authorize cheque-based transactions.

Money Management Services (MMS)
Several Scotiabank business account products that move money between business accounts and between business accounts and loans.

Night Deposit Services
In-Branch secure facility that accepts wallets containing business account deposits after branch hours. (See Current Account Services)

Northbound Lockbox
Scotiabank Receivables service to speed the collection and processing of items mailed to our Canadian clients from their U.S. customers, into a Scotiabank $US business account. 
 
Point-of-Sale (POS) Terminal
A device used to capture banking information from a customer's banking or credit card and initiate transactions for authorization and settlement.

Positioning Service (MMS Positioning)
One of Scotiabank's Money Management Services for account positioning which transfers funds between business, loan or investment accounts to maintain a pre-selected account balance.

Pre-authorized Debits /Payments
Electronic Funds Transfer. Collection of incoming payments (debits) from customers' bank accounts. E.g., utility bills, insurance or mortgage.

Remittance Processing
Another term for retail lockbox. Automated processing of high volume, small dollar value receivables.

ScotiaConnect
Scotiabank's comprehensive web-based electronic banking solution for business allowing customers to view balance and transaction details, move funds between accounts and pay bills 24/7.

Scotia Direct
Scotiabank's EFT product that accommodates both Pre-Authorized Payments (Debits), and Direct Deposits (Credits).

Scotia Note
Scotiabank's software for issuing Commercial Paper, Banker's Acceptances and Medium Term Notes.

Scotia Payment WorkStation
Scotiabank's PC-based application used to access the Comprehensive Payables Service allowing clients to send a single file containing multiple payment types (EFT, EDI, and cheque).

ScotiaWire
Scotiabank's Windows-based wire payment product for third party payments. Replacement for MTS.

Third Party Payments
Another term for wire payments. Secure payment of very high dollar amounts. The most commonly used method for international payments.

Wire Payments
Another term for Third Party Payments. Secure payment of very high dollar amounts. The most commonly used method for international payments.

Working Capital
Refers to a company's investment in short-term assets such as cash, inventories, marketable securities, and accounts receivable. The amount these short-term assets exceed short-term liabilities is known as Net Working Capital.

Zero Balance Accounts
An American phrase, meaning Account Positioning.