Bank of Montreal announces new partnership with payments firm

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • The Bank of Montreal, which is one of North America’s biggest banks when measured by assets, will work alongside The Clearing House Payments Company.
  • Commercial clients in the US will now be able to accept cash from one of several banks in a real-time payments system.
  • A spokesperson for the Bank of Montreal described the development as an innovative one and a way for clients to speed up the cash receipt process.

A leading bank in North America has announced a new collaboration with a leading firm in the cross-border payments sphere.

The Bank of Montreal (BMO), which is the eighth largest bank in North America when measured by assets, will pair up with The Clearing House Payments Company (TCH).

The two companies will be able to accept funds that are sent via a participating bank in the Real-Time Payments network (RTP).

This network is an American payments service that is run by TCH.

It allows both banks and commercial organisations to speed up the payments process, and it operates around the clock.

It also allows for deep dives into data to take place, and allows for cash to be sent instantly from sender to recipient – speeding up the process for many clients.

According to the firm, business clients of BMO who are based in the US will be able to start using this new, faster payments service from next year.

International money transfers will also be made increasingly transparent.

Exchange rate information will be displayed prior to the payment, empowering customers to make fully informed choices about their transactions.

The latest move comes after BMO revealed a partnership with global financial services institution Mastercard.

The two companies were behind BMO Global Pay, which again targeted customers in the US.

It was powered by the Cross-Border Services arm of Mastercard, and allows firms to send cash to 30 or so countries around the world.

Speaking on the topic of the latest partnership with TCH, a senior figure at BMO said that it was important for the firm’s customers to have good payments services on hand – especially during the coronavirus pandemic.

Sharon Haward-Laird, who leads the North American Treasury & Payment Solutions division at BMO Financial Group, claimed that the firm’s payment system was the first to be offered to American customers in four decades – and described it as an “evolving” system.

“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,” she said in a press statement.

“Providing our customers with a way to accelerate collections and reconcile payments with remittance information is significant during this challenging environment,” she added.

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