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BMO Capital Markets has signed a long-term BPO contract with BancTec to manage its invoices and cheques. As part of the contract BMO Capital Market will direct invoices to BancTecs facilities, where they are scanned, processed and archived for backup. Additionally, paper cheques will be converted to electronic images to enable clients to manage late payments or missing customer account details more efficiently.
Steve Rogers, managing director and head of U.S. 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.
BMO’s investment and corporate banking arm, BMO Financial Group, will continue its retail remittance processing services with BancTec. In the US, BMO Capital Markets provides its US corporate and commercial clients banking and operating services through Harris, part of BMO Financial Group. BancTec previously provided lockbox services to BMO Capital Markets through a contract with another service provider.
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