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May 2, 2014updated 04 Apr 2017 4:07pm

BMO to launch Treasury & Payment Solutions division

BMO Financial Group is set to launch its Treasury & Payment Solutions division through a demonstration scheduled on 7 May 2014.

By Verdict Staff

BMO Financial Group is set to launch its Treasury & Payment Solutions division through a demonstration scheduled on 7 May 2014.

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With this new division, the North American bank is intending to move its corporate customers to alternative payment methods, doing away with checks, while streamlining the management of corporations’ payments, according to PYMNTS.com.

BMO, senior vice president and head of the group, Andrew Irvine, said: "New tools and technologies have enabled financial executives to be more sophisticated in how they manage treasury and payments, but finding the right approach is more complicated and challenging than ever."

The bank has stated that governments could be key in replacing checks with prepaid cards or direct deposit, as it takes lot of persuasion in convincing companies to move away from checks.

BMO, VP for North American Corporate Card Products treasury group, Steve Pedersen said: "B2B has been lagging the personal technology, but I think that change will accelerate. The next five years are going to be very interesting."

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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