BMO Capital Markets Outsources Retail Remittances to BancTec
BMO Capital Markets, the investment and corporate banking arm of BMO Financial Group, has signed a long-term business process outsourcing (BPO) agreement with BancTec, a provider of document and payment processing solutions and services, continuing retail remittance processing services. Under the agreement, BancTec will handle tens of millions of payments per year.
BancTec previously provided lockbox services to BMO Capital Markets through a contract with another service provider. “This strategic relationship with BancTec allows us to provide our clients full treasury management services and meet their working capital and cash flow needs,” said Steve Rogers, managing director, head of US global treasury management, BMO Capital Markets.
BancTec uses its PayCourier and PayCourier Archive solutions to form the core of its service offering for BMO Capital Markets. Each month, BMO Capital Markets directs millions of invoices to BancTec’s facilities, where they are scanned, processed and archived for backup. Additionally, paper cheques are converted to electronic images, providing BMO Capital Markets clients the improved processing and productivity benefits that come with image exchange. BMO Capital Markets clients are also able to manage exception items – such as late payments or cheques missing customer account detail – using BancTec’s online Interactive Exception Processing service.
In the US, BMO Capital Markets provides its US corporate and commercial clients banking and operating services through Harris NA, part of BMO Financial Group.