B2B Payments

NA Bank Pushes E-Payments To Corporate Customers

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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Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

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