BancTec, a global provider of advanced, high volume document and payment processing solutions and services, announced today that BMO Capital Markets, the investment and corporate banking arm of BMO Financial Group (TSX, BMO) has signed a long-term business process outsourcing (BPO) agreement continuing retail remittance processing services. In the United States, BMO Capital Markets provides its U.S. corporate and commercial clients banking and operating services through Harris N.A., part of BMO Financial Group. 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 U.S. Global Treasury Management, BMO Capital Markets.
“Through Harris N.A., one of Chicago’s largest financial institutions, BMO Capital Markets has built a robust treasury management practice that serves a wide variety of customers,” said Jeff Brown, BancTec vice president for Business Process Outsourcing in the Americas. “Our enterprise-scale, remittance processing BPO solution provides BMO Capital Markets with the capabilities it needs to continue growing this important line of business. We look forward to building our direct relationship.”
BancTec utilizes 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 checks 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 checks missing customer account detail—utilizing BancTec’s online Interactive Exception Processing service. The advanced technologies built into BancTec’s solution have proven read accuracy rates, resulting in fewer bad checks, earlier fraud detection and lower costs overall.
Source:http://www.prnewswire.com/news-releases/banctec-signs-service-agreement-with-bmo-capital-markets-82247437.html
