BMO integrates Interac e-Transfer Bulk Receivables for Canadian businesses

By Pavithra R

Bank Of Montreal (BMO), to help simplify the payments process for Canadian businesses, has announced that the bank is now offering Interac e-Transfer Bulk Receivables. 

Interac e-Transfer Bulk Receivables facilitates an easy way for business to invoice customers or clients in order to receive guaranteed funds while simplifying the process for anyone to transfer payments to business.

“More than ever before, Canadian businesses are looking for solutions that create efficiencies for their business and save them time and money. 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,” said Sharon Haward-Laird, Head, North American Treasury & Payment Solutions, BMO Financial Group.

The introduction of Interac e-Transfer Bulk Receivables is expected to offer Canadian businesses with more control over their incoming payments while enhancing transparency over their cash flow. The service helps businesses:

• Get paid faster: Payment requests are sent in real-time or through SMS payment notifications, which can be accepted and paid by customers directly through their online banking channel.
• Manage cash flow efficiently: Daily reports track outstanding and fulfilled payment requests, simplifying reconciliation.
• Simplify payments: The service provides automated email and SMS payment reminders to help eliminate the need for email, call, or mail outstanding payors. This is performed without sharing any confidential information 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. 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,” said Peter Maoloni, Vice President, Product & Platform Delivery, Interac Corp.

Recently, Everlink & Interac signed multi-year tokenization service provider agreement.

BMO is a leading bank driven by a single purpose: to Boldly Grow the Good in business and life. As the 8th largest bank, by assets, in North America, it helps customers make the most of their money.