Banking by computer revolutionizes industry in Canada

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TORONTO -- The Bank of Nova Scotia is bringing banking services to the Internet, saying this could be the biggest thing in banking since the invention of automated banking machines.

Scotiabank customers will be able to check their bank balances, transfer money between accounts, pay bills and check account transactions over the Internet starting in January.

Customers just need access to the Internet to use these services. There is no special software involved. While a few other Canadian financial institutions already allow customers to do some of their banking via personal computers, this range of services from Scotiabank is unrivalled at the moment, though some other banks have said they will also be ready with Internet banking services later this year.

The bank will launch a test project involving 1,000 employees and customers this fall, with service rolling out to all customers by January 1997.

Copyright July 1996 Crain Communications Inc.

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