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