BMO partners with The Clearing House to launch Global Pay for U.S. customers
By Pavithra R
Bank Of Montreal (BMO), helping simplify the payments process for Canadian businesses has announced that the bank has partnered with The Clearing House Payments Company (TCH) allowing business customers in the U.S. to receive funds immediately from any sending participant bank in the Real-Time Payments (RTP) network, the real-time U.S. payment system developed and operated by TCH.
The RTP network is empowering financial institutions and businesses to implement innovative, value-added use cases for faster payments. It gives the banking industry a modern platform for 24/7 domestic real-time payments, complete with immediate payment confirmation and rich data capabilities. The network enables instantaneous settlement and availability so that funds can be used or withdrawn as cash immediately.
“Our partnership in RTP speaks to our ongoing commitment to innovation within the emerging payments business, and we’re excited about providing our customers with access to this evolving payment system – the first new payments system in the U.S. in 40 years. Providing our customers with a way to accelerate collections and reconcile payments with remittance information is significant during this challenging environment,” said Sharon Haward-Laird, Head, North American Treasury & Payment Solutions, BMO Financial Group.
BMO U.S. business customers will have the ability to send payments via the RTP network in 2021. The bank, in partnership with Mastercard, has recently launched BMO Global Pay in the U.S. Its customers by leveraging Mastercard’s Cross-Border Services is sending payments to more than 30 countries efficiently, seamlessly and securely. Customers also can view the final exchange rate before sending the payment and track the status of the transaction from the moment the payment has been approved, with some destinations experiencing close to real-time delivery. The service is already available to Canada BMO customers.
“As a cross-border bank, we understand that managing cross-border business can be complex. BMO Global Pay provides our customers with a quick, simple and secure option for cross-border payments. In an increasingly global marketplace, BMO Global Pay provides our customers with a cost-effective and transparent option to meet their financial needs,” added Haward-Laird.
Recently, BMO integrated Interac e-Transfer bulk receivables for Canadian businesses.
Established since 1817, 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.
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