BMO Financial group has completed the migration of its trade services business in North America and China to the Proponix pay-per-transaction trade processing platform from American Management Systems (AMS).
Proponix, acquired by AMS in late-2002 from joint venture banking partners Barclays, Bank of Montreal (BMO) and ANZ, offers outsourced trade finance processing for banks and provides a Web-based customer portal to clients.
The portal, which is branded as "Tradevenue Direct" by BMO, is available to both importers and exporters, and extends beyond basic trade finance processing to allow corporate customers to manage portions of the supply chain.
Add-on services such as document preparation and collaboration, purchase order event management and compliance will be available in the near future, says the Canadian bank.
Harris Nesbitt, the US-based investment and corporate banking arm of BMO Financial Group has also migrated to the Proponix platform and extended the portal to its domestic clients.