BMO will implement Mastercard Send to offer faster and more cost-efficient international payment services to its Canadian-based business and commercial banking clients.
Consumers now expect the upmost convenience and transparency from their providers. Sending money around the world must be quick, simple but also secure.
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With Mastercard Send, BMO will offer its clients the ability to send cross-border payments efficiently and securely. It will cover bank accounts in more than 75 countries. Furthermore, the partnership will focus on bank account transfers. However, it will also expand to include payments to mobile wallets and cards internationally.
President of Mastercard in Canada, Brian Lang, commented: “Consumers today expect quicker access to their funds, but businesses face numerous challenges when making cross-border payments.
“Mastercard Send helps banks modernise their cross-border services and deliver a better experience for their clients.”
Mastercard Send solution
As the payments landscape continues to evolve, banks need to deliver cost-effective solutions to meet the changing needs of their customers.
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By GlobalDataAs businesses of all sizes manage an increasingly global marketplace, a seamless solution coupled with enhanced security.
Mastercard Send delivers funds quickly to both cards and non-cards, including bank accounts, mobile wallets and cash-out locations.
By using Mastercard Send, customers can receive payments from governments, businesses and also other consumers, locally or in another country.
Head, North American Treasury and Payment Solutions, BMO Bank of Montreal, Sharon Haward-Laird, stated:
“BMO has a long history of serving cross-border customers across a wide range of industries, and our capabilities and experience in this area are a key differentiator for us.
“As a result, we have a deep understanding of the complexities involved in running a cross-border business, including as it relates to payments, and this latest offering with Mastercard Send reflects our commitment to providing customers with solutions that deliver against their changing expectations and needs.”
In addition, for the first quarter ending January 31, 2019 Bank of Montreal net revenue rises by 6% to C$5.6bn. Q1 highlights include a 42% rise in adjusted net income to C$454m at BMOs US personal and commercial banking business.
