On May 7, 2014, BMO will demonstrate their newly formed Treasury & Payment Solutions division.
“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,” said Andrew Irvine, senior vice president and head of the group in a pre-show announcement.
BMO is working to guide its corporate customers to alternative payment methods and move away from checks, while streamlining the management of corporations’ payments.
Many clients are looking for increased data with their payments, however it takes many conversations to persuade companies to move away from checks, especially in the mid and small enterprise markets. Governments can be leaders in moving away from checks, replacing them with prepaid cards or direct deposit.
Steve Pedersen, VP for North American Corporate Card Products in the bank’s treasury group, explained the B2B move to electronic payments, saying, “every business person is also a consumer. If I use mobile today for my personal life, I will ask why can’t I use it for my business life as well. 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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