Toronto, ON – March 22, 2021 – To help simplify the business-to-business payments journey, Moneris Solutions Corporation (“Moneris”), Canada’s largest* processor of debit and credit card payments, has collaborated with BMO to provide Canadian Commercial clients with Moneris B2B Pay™, an automated payment processing solution powered by straight-through processing. This collaboration will help streamline the business-to-business payment process and provide greater operational efficiencies for both the buyer and supplier.
Moneris B2B Pay helps buyers and suppliers make secure, efficient transactions using virtual commercial cards, such as BMO’s Approve2Pay®. By utilizing a virtual card, buyers can initiate payments electronically and suppliers, such as manufacturers, wholesalers, and commercial services, can have funds automatically accepted and deposited into their account. BMO Commercial clients who sign up for BMO Approve2Pay and Moneris B2B Pay benefit from Moneris’ supplier enablement service, which helps set up all of the client’s regular suppliers to accept virtual card payments if they do not support it yet.
“Digital B2B payments are not new to Canada, but many business owners have not had the time or resources to make the transition,” said Duri Alajrami, Chief Sales & Marketing Officer, Moneris. “By offering our enablement services to a buyer’s usual suppliers, Moneris B2B Pay removes the heavy lift from business owners so they know their payments are going through and can get back to running their business.”
“The pandemic has accelerated the shift away from paper based, manually intensive processes and more towards a fully digital payments journey,” said Steve Pedersen, Vice President, North American Corporate Cards, BMO Bank of Montreal. “Our continued focus is on improving the payments landscape in Canada. Introducing B2B Pay for our clients is one way we’re moving the needle in that direction. With this solution, we can more effectively tackle some of the major payment pain points – reporting and security – for Canadian businesses.”
With Moneris B2B Pay, Canadian businesses will benefit from:
- Payment automation: Payments are fully automated by straight-through processing, removing the need for manual inputs and reducing the cost and effort of making a payment.
- Simplified payments process: Automatically generated remittance reports speed up the reconciliation process at the end of the month.
- End-to-end control and improved security: Businesses benefit by controlling and speeding up payments, adding safeguards against fraud, saving time reconciling, and improving trading partner relationships.
Moneris supports each businesses’ unique needs with customization options as well as the resources to implement this cost-saving solution in a complex payment environment. With both the buyer and supplier set up on Moneris B2B Pay, transactions flow seamlessly; both businesses benefit from knowing payments are made and received accurately, securely, and on-time.
This collaboration follows the original launch of Moneris B2B Pay in 2016 and is part of Moneris’ growing suite of digital solutions for the business-to-business space. For more information, please visit moneris.com/B2B.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $973 billion as of January 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.