BMO Introduces Bulk E-Transfers for Business Clients

Need to Know

• The new feature allows BMO’s Online Banking for Business users in Canada to send payment requests to multiple recipients at once.
• Interac e-Transfer Bulk Receivables payment requests are sent through real-time or SMS payment notifications and can be accepted and paid directly by recipients using their online banking channels.
• BMO says the tool will give businesses more control and security when processing payments while creating efficiencies and saving them money.

Analysis

BMO is launching a new tool aimed at helping Canadian businesses more efficiently collect payments from their clients.

Interac e-Transfer Bulk Receivables, which the bank announced on Thursday, offers BMO’s Banking for Business clients the ability to send payment requests to multiple clients at once. The requests, which are sent in real-time or via SMS, can be immediately accepted and paid by recipients using their online banking channels.

Sharon Haward-Laird, head of North American payment solutions for BMO said the bank’s launch is an effort to create efficiencies for businesses that will save them time and money.

“With this new digital offering, Canadian businesses have greater control and security when processing payments all while removing the traditional, manual, and costly processes of requesting outstanding payments,” she said in a statement. “This is part of an ongoing journey as we continue to invest in and roll out services that deliver great experiences for our clients.”

The new tool also offers businesses the ability to view daily reports that track outstanding and fulfilled payment requests. In addition, it will send automated reminders to clients with outstanding payments, eliminating the need for businesses to manually follow up with individual payees.

BMO follows RBC with the launch of its bulk payment tool: RBC launched the first feature of its kind in Canada in February.

BMO, which is headquartered in Montreal, has unveiled a series. of tools recently aiming to streamline the digital banking experience for both individual customers and business clients, as secure, efficient online banking has become of increased importance during the COVID-19 pandemic. Most recently, the bank launched a partnership with Intuit to allow clients to securely share data with third-party financial applications through Intuit’s secure API; late last year, BMO announced it would be employing an AI tool, BMO Insights, to offer consumers personalized insights to customers.