RECEIVABLES SOLUTIONS
Streamline your collections process
To take advantage of business opportunities at home or abroad, you need a streamlined
collections process. The right receivables solutions will help you reduce the costs and errors
associated with paper-based receivables; minimize mail and information float; offer payment
options to your customers, suppliers or trading partners; and automate collection of electronic
payments. In short, you put your funds to work sooner. Let us show you how.
CANADIAN BANKING SERVICES MADE EASY
Our Canadian cash management services are made possible through our partnership with
BMO® Capital Markets (BMO), a part of BMO Financial Group, one of the largest diversified
financial services providers in North America. This partnership allows you to enjoy the ease and
convenience of complete North American banking, while retaining <Correspondent Bank’s
Name> as your sole point of contact.
AN INNOVATIVE APPROACH TO RECEIVABLES
BMO Capital Markets has been providing receivables solutions for over 60 years. A market
leader in electronic payments, they co-founded Symcor and Moneris, the top North American
payments processors.
Their treasury management and industry leadership is further evidenced by their participation in
SWIFT, direct membership in NACHA (National Automated Clearing House Association), the
CPA (Canadian Payments Association), the AFP (Association of Financial Professionals)
Payment Advisory Group and the Clearinghouse Strategic Payments Forum.
COMPREHENSIVE RECEIVABLES SOLUTIONS
Managing the receivables process can be complex and labour-intensive, whether you collect
cheques or electronic payments. With multiple streams of paper-based or electronic receivables
flowing in, cash flow forecasting is a challenge.
STREAMLINING PAPER RECEIPTS
WHOLESALE LOCKBOX
Our Wholesale Lockbox is an efficient tool for turning receivables paid by cheque into usable
funds. You and vendors mail their cheques to strategically located post office boxes across
Canada. We collect and process the cheques, then deposit the funds directly to your corporate
account – on the same day the cheques are received.
IMAGING SOLUTIONS
You can keep track of your remittances with one or more of our imaging options. You can view
images of cheques, invoices, documents, envelopes and correspondence via our Online
Banking for Business platform. Online imaging capabilities enable you to quickly make credit
decisions, deal with exception items, payment inquiries and disputes and reduce manual
processing and storage costs.
Cheques and documents can be archived online for up to 90 days, or images can be sent to you
as an electronic file or on CD-ROM. For businesses with high volume cheque remittances, bulk
image delivery allows you to reduce time and effort spent downloading images by quickly,
securely and automatically transferring large batches of images at one time.
AUTOMATING COLLECTIONS
ELECTRONIC FUNDS TRANSFERS (EFT)
EFT can streamline collection processes and eliminate the costs associated with processing
customer cheques. With EFT, you can debit Canadian and U.S.-dollar accounts at any financial
institution in Canada via the Online Banking for Business platform. It also lets you immediately
see every EFT transaction, recall items or fi les, and make corrections.
ELECTRONIC DATA INTERCHANGE (EDI)
EDI is a secure receivables solution that can streamline your procurement process, improve
trading relationships, and reduce the cost, time and errors associated with manually processing
receivables. With EDI, you receive business payments and remittance information (invoice
numbers, purchase order numbers, invoice amounts, discounts and adjustments) electronically.
By eliminating paper items, EDI also reduces the potential for lost, altered or stolen cheques.
TELEPHONE BILL PAYMENTS
You can register as a BMO biller and provide your customers with a convenient alternative to
cheques. With telephone bill payments, your customers make bill payments to you by phone, as
well as online, by ATM or at a branch. Funds are credited to your account on a same-day basis
for payments made by 8:00 PM ET and are fully guaranteed, as payment is only accepted if
their customers have sufficient funds available. Manual processing is reduced, funds are
available faster and reporting is easy and efficient.
CONCENTRATING FUNDS
BETWEEN BMO ACCOUNTS
You can centralize funds from multiple depository sites, giving you immediate access to your
cash. You can make deposits in Canadian or U.S. funds at any BMO branch in Canada, and the
funds are credited to your central deposit bank account. You can monitor daily deposits with
detailed online reports, or via fax the next business day.
BETWEEN FINANCIAL INSTITUTIONS
Our DrawCheque service enables you to consolidate deposits made at other Canadian financial
institutions into your central <Correspondent Bank>’s account at BMO, either online or by
phone. The service improves cash flow by transferring funds at your convenience, giving them
same-day value on transfers placed before 7:00 PM ET.
COMPLEMENTARY SERVICES
Ask your <Corresponding Bank> Banking Without Borders Program Sales Representative about
any of the following complementary treasury management services:
PHYSICAL DEPOSIT SERVICES
If you receive high volumes of cash and cheques, choose from one of three physical deposit
services, including: Currency Centre; Regional Deposit Processing (RDP); and Around-theClock-Depository (ATCD). Our Currency Centre accepts both cash and cheque deposits via
armoured car delivery. RDP is dedicated exclusively to cheque processing. ATCD accepts
deposits 24 hours a day at our branch safe depositories.
ONLINE BANKING FOR BUSINESS
For added control and security, you can monitor your account activities any time, in real time or
through the use of email or text alerts. You can control user access to your account information
by creating individual user profiles that specify the accounts users can access and what
information is available to them. With our AutoConnect feature, you can automate and schedule
the secure downloading of account information, audit reports and other transaction reports,
without having to manually log in to the Online Banking for Business platform. You can also pay
employees and suppliers, and collect from customers, by directly debiting or crediting their
accounts.
Call to action
To learn more about how Receivables Solutions can improve your Canadian Cash Management
Service, contact your <Correspondent Bank name> sales representative at <Phone Number> or
visit us at <website, if applicable>.
LEGAL
BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking
businesses of Bank of Montreal, BMO Harris Bank N.A. and Bank of Montreal Ireland p.l.c., and
the institutional broker dealer businesses of BMO Capital Markets Corp., BMO Nesbitt Burns
Trading Corp. S.A., BMO Nesbitt Burns Securities Limited and BMO Capital Markets GKST Inc.
in the U.S., BMO Nesbitt Burns Inc. in Canada, Europe and Asia, BMO Nesbitt Burns Ltée/Ltd.
in Canada, BMO Capital Markets Limited in Europe, Asia and Australia, BMO Advisors Private
Limited in India and Bank of Montreal (China) Co. Ltd. in China.
® Registered trademark of Bank of Montreal in the United States, Canada and elsewhere.