To thrive in today’s global business environment, you need to be sure your processes are running smoothly. These include paying vendors, employees, taxes and bills on time; reducing the potential for payments fraud; improving cash flow and forecasting; automating paper- and labour-intensive processes; and consolidating your business purchases. All this is possible with the right payables solutions.

Electronic Funds Transfers
Electronic Data Interchange
Wire Payments
Tax and Bill Payments
Payables Outsourcing
Cheque Clearing and Reconciliation
High Volume Cheque Clearing
Procurement Solutions
Imaging Solutions

Electronic Funds Transfers: EFT can help eliminate the costs associated with physical cheque issuance. EFT enables you to automate recurring payments to employees, utility companies and suppliers by letting you electronically credit Canadian and U.S. dollar accounts at any financial institution in Canada. Using Online Banking for Business you can also access EFT transaction information to perform online tracing, corrections and recalls through a single online application.

EDI can streamline your procurement process, improve trading relationships, and reduce the cost, time and errors associated with manually processing payments. EDI enables you to send business payments and remittance information electronically and specify the settlement date up to one month in advance. Send us your payables files in ANSI X12 EDI 820 file format, which can also accommodate payments to non-EDI capable trading partners.

Wire payments ensure on-time execution and finality for your high-value or time sensitive payments. Initiate domestic and international wire payments via Online Banking for Business, using advanced search capabilities to locate routing addresses for banks around the world. Once wire payments have been initiated and approved, you receive immediate confirmation, including payment details and reference numbers. For added control, the service offers real time reporting, auditing and tracking capabilities.

Our tax and bill payments solution enables you to pay corporate, utility, and federal or provincial tax bills via Online Banking for Business. Our online platform allows you to easily verify, track and manage your bill payments, as well as view the details of every transaction.

Consider outsourcing your payables processes for added control and optimization of resources. With our Payables Plus service, you can automate the entire accounts payable process from initiation to reconciliation. Simply send us a single payment file detailing your Canadian and U.S. dollar cheque, EFT, EDI and wire payments requirements, and we will process and execute the payments on your behalf. Convenient vendor profiles and handling instructions allow you to specify vendor payment preferences and terms for ongoing use. You can enjoy all of the benefits of electronic payment infrastructures, such as EDI, including streamlined processes, increased control, reduced fraud risk, and predictability of payments, without the overhead investment.

Our DirectCheque^® service is a low cost, fully automated cheque processing and reconciliation service suitable for companies that issue a high volume of cheques. We process and sort cheques and provide you with a reconciliation file that coincides with your accounting cycle. We honour cheques that match your issue information or cheques that fall below a maximum dollar amount. Positive Pay and Enhanced Positive Pay (MICR, payee and address matching) enable you to identify exception items and make pay/no pay decisions online. With our online cheque validation service, we present images of the front and back of each unmatched cheque so you can quickly accept or return items in one easy process.

Our FACS (FirstBank^® Automated Clearing Service) service provides a convenient and cost-effective cheque clearing alternative for large-volume cheque issuers. We process and clear your cheques using high-speed cheque reading technology while you maintain control over cheque verification (signature, date and amount), returned items and stop payments. With comprehensive and flexible reporting capabilities, you can readily determine your cash position, reconcile your accounts and make informed business decisions.

Our electronic procurement solutions can help you implement a needs-based procurement process that integrates your entire supply chain, from sourcing and ordering through payment and data integration. Our innovative purchase order management system and online catalogue rule-based ordering satisfy your exploration, pricing, ordering and payment needs. BMO card solutions provide a range of payment options and control features, including flexible reports that integrate with your ERP systems.

• Cheque Image Search
  Available through Online Banking for Business, cheque image search allows you to search, view, download and print images of your processed cheques. Cheque images from all of your accounts are available by 8:00 AM the following morning and are stored for 100 calendar days.



• CD-ROM / DVD
  Our CD-ROM/DVD service provides you with high-quality images of your issued cheques digitally stored on either a CD-ROM or DVD for convenient storage and back up. You can easily search, retrieve, download, view and print images of your processed cheques at a time that is convenient to you. Each cheque contains supplementary data, and a cumulative indexing feature creates a searchable archive of images. Depending on your needs, disks can be delivered on a weekly or monthly basis.