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, NYSE: 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."