BMO Financial Group is partnering with The Clearing House Payments Company (TCH) to allow business customers in the U.S. to receive funds immediately from any sending participant bank in the Real-Time Payments (RTP) network, the real-time U.S. payment system developed and operated by TCH.
“Our partnership in RTP speaks to our ongoing commitment to innovation within the emerging payments business, and we’re excited about providing our customers with access to this evolving payment system — the first new payments system in the U.S. in 40 years,” Sharon Haward-Laird, head of North American treasury and payment solutions for BMO Financial Group, said. “Providing our customers with a way to accelerate collections and reconcile payments with remittance information is significant during this challenging environment.”
BMO business customers will have the ability to send payments via the Real-Time Payments network in 2021.
In partnership with Mastercard, BMO also recently launched BMO Global Pay in the U.S. Using Mastercard Cross-Border Services, BMO business customers have the ability to send payments to more than 30 countries. Customers can view the final exchange rate before sending the payment and track the status of the payment from the moment the payment has been approved, with some destinations experiencing close to real-time delivery. The service is already available to BMO customers in Canada.
“As a cross-border bank, we understand that managing cross-border business can be complex. BMO Global Pay provides our customers with a quick, simple and secure option for cross-border payments,” Haward-Laird said. “In an increasingly global marketplace, BMO Global Pay provides our customers with a cost effective and transparent option to meet their financial needs.”