News Releases
CHICAGO, June 25, 2008 – BMO Financial Group announced today that its U.S. financial services arm, Harris N.A., and its North American investment and corporate banking division, BMO Capital Markets, have begun to exchange check images with other major U.S. banks, effectively reducing the movement of paper checks across the country and streamlining the clearing process.
Today, a paper check can travel thousands of miles and take several days to clear, physically changing hands many times before arriving at its final destination. With this new model, checks can clear on a same-day basis, with banks exchanging check images and transaction information electronically.
“For our business clients, image exchange ultimately means faster access to receivables. It also makes sense when environmental and economic concerns are driving organizations to look for innovative and more sustainable ways of running their operations,” says Marnie Kinsley, Executive Managing Director, Global Treasury Management, BMO Capital Markets.
To develop its full imaging capabilities, BMO has been working with Viewpointe�, one of the largest providers of check image exchange and archive services in the United States. BMO is using Viewpointe's ImageShare™ solution, which allows two financial institutions to “share” access to select archived images to complete an exchange transaction.
“By using ImageShare, BMO is connecting with many other forward-thinking financial institutions,” says Diane Scott, Viewpointe Chief Sales, Marketing and Product Officer/Chief Strategy Officer. “This represents another step toward the industry's migration toward full electronic check presentment and clearing.”
BMO will continue to add new image exchange partners for check clearing and settlement over the next 12 months and plans to implement technology to receive image cash letters from corporate clients, third parties, and financial institutions.
“The deployment of image exchange is an important milestone in positioning the bank for the future of check processing. By investing in imaging technology, we are laying the foundation for innovative solutions that will create new efficiencies for our customers,” says Emilia DiMenco, Executive Vice President, Business Banking, Harris N.A.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $377 billion as at April 30, 2008, and more than 36,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and solutions. BMO serves personal and commercial clients in the United States through Chicago-based Harris N.A., an integrated financial services organization that provides more than one million personal and business clients with banking, lending, investing and wealth management solutions. BMO Capital Markets, our North American investment and corporate banking division, provides a full suite of financial products and services to our North American and international corporate and institutional clients.
- 30 -