Moneris and BMO have teamed up to help simplify the business-to-business payment process for Canadian businesses. Moneris B2B Pay is an automated payment processing solution powered by straight-through processing.
According to Moneris, the 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 using 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,” says 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,” adds 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 fully automated payments; automatically generated remittance reports that speed up the reconciliation process at the end of the month; and safeguards against fraud.
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.