BMO, Interac team to power faster business billing
With businesses requiring stronger liquidity, BMO will use its online platform and Interac's receivables service to support simultaneous near real-time payment requests to multiple recipients.
BMO, which recently upped investment in its Montreal accelerator, will power a user connection to the Interac Transfer Bulk Receivables to send multiple requests. This is designed to give businesses more control over incoming payments while enhancing visibility of their cash flow.
"More than ever before, Canadian businesses are looking for solutions that create efficiencies for their business and save them time and money," Sharon Haward-Laird, head of North America treasury and payment solutions for BMO Financial Group, said in a Thursday press release. "This is part of an ongoing journey as we continue to invest in and roll out services that deliver greater experiences for our clients."
The bulk receivables feature also helps businesses get paid faster, as customers receiving requests sent through real-time SMS payment notifications can be accepted and paid directly through the online banking channel.It also provides the business with daily reports tracking outstanding and fulfilled payment requests to simplify the reconciliation process. In addition, the Interac process provides automated e-mail or SMS payment reminders, which eliminates the need for calls, e-mails or direct mail to payors.
The process also leverages the fraud detection and prevention, data analytics, direct messaging and reporting tools of Interac, the Canadian debit network. No confidential information is shared during the process, which requires only an e-mail address or phone number.
"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 of product and platform delivery for Interac Corp., in the release.