BMO ePurchasing Solutions, a division of Bank of Montreal, has launched Procure2Pay, a Web-based system that allows customised online ordering and payments to be executed, reconciled and integrated into the buyer’s enterprise resource planning systems – all on one hosted facility. The system allows payments to be initiated by the supplier or the buyer, a facility billed by the bank as "a revolutionary first that streamlines the process and speeds settlement".
BMO ePurchasing Solutions says the new platform goes beyond current buy-side systems that stop at purchase order delivery. It is currently being implemented in pilot in the US and Canada, with large corporations such as Deluxe Laboratories and Syncrude Canada.
"We realised the true potential of e-procurement early on and we have positioned ourselves to provide our customers with seamless payment and execution not found elsewhere in the marketplace," says Randy Ford, director of BMO ePurchasing Solutions.
He says Procure2Pay creates a single platform that enables buyers and sellers to reap the benefits of online purchasing through one service provider without a heavy upfront investment. "Our hosted environment allows us to provide this service at a mere fraction of the cost of other software solutions," says Ford.
BMO has integrated the new procurement package with details Online, its data warehousing, reporting, and enterprise resource planning integration product.
Stuart Eustace, vice president of finance for Deluxe Laboratories says: "BMO details Online already enabled us to implement Web-based reporting and general ledger integration. Now, with the addition of Procure2Pay, BMO will be providing us with online ordering and payment capabilities, providing Deluxe with a truly end-to-end platform."
Procure2Pay was developed using a component of the Oracle E-Business Suite, Oracle iStore. The Canadian bank has selected Requisite Technology’s eMerge content management toolset for catalogue creation and updating.