BMO Introduces Interac e-Transfer Bulk Receivables for Canadian Commercial Clients

TORONTO, Sept. 10, 2020 /CNW/ - To help simplify the payments process for Canadian businesses, BMO now offers Interac e-Transfer® Bulk Receivables. The new feature allows BMO's Online Banking for Business clients to send near real-time payment requests to multiple recipients at once.

"More than ever before, Canadian businesses are looking for solutions that create efficiencies for their business and save them time and money," said Sharon Haward-Laird, Head, North American Treasury & Payment Solutions, BMO Financial Group. "With this new digital offering, Canadian businesses have greater control and security when processing payments all while removing the traditional, manual, and costly processes of requesting outstanding payments. This is part of an ongoing journey as we continue to invest in and roll out services that deliver great experiences for our clients."

BMO's introduction of Interac e-Transfer Bulk Receivables will offer Canadian businesses more control over their incoming payments while enhancing visibility over their cash flow. The service helps businesses:

• Get paid faster: Payment requests are sent through real-time or SMS payment notifications, which can be accepted and paid directly by customers through their online banking channel.
• Manage cash flow efficiently: Daily reports track outstanding and fulfilled payment requests, making reconciliation easy.
• Simplify payments: The service provides automated email and SMS payment reminders to help eliminate the need to call, email, or mail outstanding payors. As well, no confidential information is shared with the recipient – only an email address or phone number is shared.

"Digital payment solutions are an important part of a business' efficient operation, and the ability to request near real-time payments from multiple parties at once is one way Canadian businesses can manage their accounts receivable with greater ease and confidence," said Peter Maoloni, Vice President, Product & Platform Delivery, Interac Corp. "Interac e-Transfer Bulk Receivables leverages our proven capabilities in fraud detection and prevention, data analytics, direct messaging, and reporting to simplify important daily business transactions."

To learn more, visit: https://www.bmo.com/main/business/cash-management

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $974 billion as of July 31, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

Interac e-Transfer is a registered trade-mark of Interac Corp. Used under licence.

SOURCE BMO Financial Group

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