BMO Financial Group

BMO Financial Group

November 10, 2014 07:00 ET

BMO DepositEdge™ Launches in Canada, Giving Businesses the ability to Deposit Cheques on Their Terms

- BMO DepositEdge gives businesses an easy-to-use desktop scanner and web-based software to capture cheque images securely and deposit them into their BMO business accounts.

- BMO® business customers mitigate security risks, increase efficiency and save time and money.

- BMO DepositEdge gives businesses the ability to make deposits more quickly and improve cash flow.

TORONTO, ONTARIO--(Marketwired - Nov. 10, 2014) - BMO Financial Group today announced the Canadian launch of BMO DepositEdge, giving business customers seamless and secure cheque scanning with remote deposit capture.

The solution allows businesses to improve operational efficiencies by depositing cheques wherever and whenever it's most convenient - providing greater control over the entire cheque handling process while saving time and reducing costs.

"For many organizations, manually processing cheque payments can be a hugely expensive and time-consuming daily process, eating up resources that should be invested elsewhere," said Andrew Irvine, Senior Vice President and Head, North American Treasury & Payment Solutions, BMO Financial Group. "To thrive, businesses need around-the-clock access to cheque depositing - along with enhanced security and automation - and BMO DepositEdge gives them exactly that."

Through its easy-to-use desktop scanner and web-based software, BMO DepositEdge enables businesses to capture cheque images securely and make deposits to BMO business accounts 24/71 - giving businesses faster access to cash.

Additionally, BMO business customers gain:

  • Increased security and efficiency: Automating the cheque depositing process dramatically reduces errors and the risk of fraud by reducing manual touch points.
  • Time and money savings: With BMO DepositEdge, Treasury professionals can make deposits on their own schedules, without trips to the bank - allowing them to spend more time on more strategic tasks. Additionally, the solution eliminates the need - and costs - of cheque deposit slips.
  • Fewer bank deposit adjustments: In the majority of cases, cheques are automatically converted to image transactions without user intervention, while any remaining manual keying is validated by the system.

BMO Financial Group has been providing online cheque scanning solutions for business to U.S. clients since 20052; and now with the launch of BMO DepositEdge in Canada, businesses that bank with both BMO and BMO Harris Bank N.A. can deposit cheques for both their U.S. and Canadian operations.

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BMO Financial Group is a leading provider of treasury and payment solutions in North America. In addition to the recent purchasing card contract renewal with the Government of Canada, BMO has also served as its travel and entertainment (T&E) card provider since 2013.

1 Subject to interruptions in telecommunications or online systems or in power supply or any other factor or event beyond the control of Bank of Montreal. 2 Solutions in the U.S. are provided by BMO Harris Bank N.A. and are subject to approval. Member FDIC. BMO Harris Bank is a trade name used by BMO Harris Bank N.A. TM/® Trademarks of Bank of Montreal

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had more than $586 billion in total assets and approximately 47,000 employees at July 31, 2014.

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