Under the agreement, BancTec will handle tens of millions of payments per year. Dallas-based BancTec utilizes its PayCourier and PayCourier archive solutions to form the core of its service offering for BMO Capital Markets.
Each month, BMO Capital Markets directs millions of invoices to BancTec’s facilities, where they are scanned, processed and archived for backup. Additionally, paper checks are converted to electronic images, providing BMO Capital Markets clients the processing and productivity benefits that come with image exchange.
BMO Capital Markets clients are also able to manage exception items, such as late payments or checks missing customer account detail utilizing BancTec’s online Interactive Exception Processing service.
Steve Rogers, MD and head of US global treasury management at BMO Capital Markets, said: This strategic relationship with BancTec allows us to provide our clients full treasury management services and meet their working capital and cash flow needs.
Jeff Brown, vice president of BPO in the Americas at BancTec, said: “Through Harris, one of Chicago’s largest financial institutions, BMO Capital Markets has built a robust treasury management practice that serves a wide variety of customers. 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.”
BancTec previously provided lockbox services to BMO Capital Markets through a contract with another service provider.
BMO Capital Markets is the investment and corporate banking arm of BMO Financial Group. In the US, BMO Capital Markets provides its US corporate and commercial clients banking and operating services through Harris, part of BMO Financial Group.
