TORONTO, March 7, 2017 – Interac Association/Acxsys Corporation announced today that BMO (Bank of Montreal) is now offering Interac e-Transfer Bulk Disbursement, an extension of Interac e-Transfer, to its commercial customers. The BMO Bulk Interac e-Transfer service enables its business customers to migrate to electronic payments with ease and simplifies the management of payments.
Interac e-Transfer Bulk Disbursement answers the needs of businesses and organizations seeking a secure, cost-efficient alternative to cheques, prepaid cards or cash disbursements. Through an automated file transfer process, businesses can securely and reliably send multiple payments in a single file upload – without the need for the recipients’ personal financial information.
“We are excited to offer this new capability and support our commercial customers as they accelerate their move to digital payments. This extension augments our comprehensive online service offering and reflects our commitment to adapt to customers’ changing needs,” said Sharon Haward-Laird, Head of North American Treasury & Payment Solutions, BMO Financial Group. “Fully integrated into our Online Banking for Business platform, the new service will allow customers to add meaningful messages to their payments for easier and faster reconciliation.”
“We are thrilled that BMO has made the business decision to expand the Interac e-Transfer service to its commercial customers,” said Mark O’Connell, President and CEO, Interac Association and Acxsys Corporation. “As the demand for innovative payment solutions grows, we’re continuing to meet our clients’ needs with a secure, cost-effective solution that offers faster reconciliation and greater convenience.”
BMO joins a roster of financial institutions, including Scotiabank, RBC and DC Bank, that offer this service to their business banking clients. For more information, visit www.bmo.com/Bulk-e-Transfer.
About Bulk Interac e-Transfer
Bulk Interac e-Transfer allows businesses to easily send electronic payments to multiple recipients at once, eliminating the need to issue, track or reconcile costly cheques or handle cash payments. This service is ideal for any business wanting to offer recipients a secure, paperless acceptance option.
Businesses only require a recipient’s e-mail address or mobile phone number to send money; no financial information is needed for payment. A single file listing multiple payments is sent to a business’s financial institution for processing, allowing the recipients to deposit their payment at a financial institution of their choice. This service offers greater flexibility, customization, security and more detailed reporting than other available payment methods.
About BMO Financial Group
Established in 1817, and currently marking its 200th year of operations, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of $688 billion as of October 31, 2016, and more than 45,000 employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.
About Interac Association and Acxsys Corporation
Together, Interac Association and Acxsys Corporation operate an economical, world-class debit payments system with broad-based acceptance, 24/7/365 reliability, security, and efficiency. The organization is Canada’s leading payments brand and is chosen an average of 16 million times daily to pay and exchange money. For more than 30 years, it has facilitated secure financial transactions through the development of innovative and convenient digital debit and money transfer solutions. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Visit Interac.ca or follow us @Interac.