BMO offers Interac bulk disbursement services to business customers

Source: Interac

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.

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