BMO Combines Treasury and Payments Division
Canada’s Bank of Montreal (BMO) has launched a combined treasury and payments division, as part of an initiative to help corporate clients tackle their increasingly complex treasury and payments challenges.
BMO began exploring the idea of combining its traditional treasury/cash management business with its corporate card organisation last year, said Kevin Kane, BMO’s managing director and head of sales for treasury and payment solutions in the US.
“The more we listened to what our clients and prospects were telling us, we really wanted to bring those two teams together,” said Kane.
“Things are getting more complex; the pace of change is picking up, especially with the evolution from paper to electronic in the payments space. We interpreted those macro trends and listened to their corporate objectives and came forward with ideas to simplify and streamline their payments environment.
“We look at their disbursement side, the payments distribution, how many vendors they have, the suppliers they work with, how they use automated clearing house [ACH] and payments cards, and then analyse that and make recommendations of where they can gain savings and process improvements.”