BMO becomes the latest Canadian bank to offer Interac’s bulk e-transfer service

Canadian Business Growth Fund

The Bank of Montreal (BMO) has become the latest Canadian financial institution to start offering Interac e-transfer bulk disbursement.

Positioned by Interac as an alternative to cheques, prepaid cards and cash disbursements, the service allows a bank’s business customers to securely send one-time electronic payments to multiple recipients at once. Businesses can send payments without knowing a recipient’s financial information; instead, they only need an email address or mobile phone number. Recipients, meanwhile, can deposit their payment at the financial institution of their choice.

According to Interac, the service offers everyone involved greater flexibility, customization, security and more detailed reporting than competing bulk payment options. Several other Canadian banks, including Scotiabank and RBC, already offer the service to their customers.

“We are excited to offer this new capability and support our commercial customers as they accelerate their move to digital payments. This extension augments our comprehensive online service offering and reflects our commitment to adapt to customers’ changing needs,” said Sharon Haward-Laird, the Bank of Montreal’s head of North American treasury and payment solutions, in a statement.

“Fully integrated into our Online Banking for Business platform, the new service will allow customers to add meaningful messages to their payments for easier and faster reconciliation.”

[source]Bank of Montreal[/source]