- Solution speeds up the bill payment process and helps to do
away with late bill payments
TORONTO, Nov. 12, 2019 /CNW/ - BMO today announced
the launch of BMO QuickPayTM, a new automated way for
customers to pay their bills without needing to log into online or
mobile banking. BMO QuickPay provides everyday banking customers
with a frictionless way to pay their bills, while also putting them
in complete control of the payment from start to finish.
"We're continually looking for opportunities to deliver digital
solutions that empower customers," said Brett Pitts, Chief Digital Officer, BMO
Financial Group. "With BMO QuickPay, we leveraged machine learning
capabilities to introduce a consumer friendly solution that will
help do away with late bill payments. This is another great example
of how we're looking for opportunities to reimagine everyday
banking experiences, while keeping our customers at the heart of
it."
BMO QuickPay is designed to enable customers to email their
bills to BMO, utilizing optical character recognition and machine
learning capabilities to recognize the biller, account number,
amount, and due date across a range of corporations and statement
formats.
With BMO QuickPay, customers benefit from:
- Greater control: Customers have the ability to verify the
payment amount before it leaves their account and are able to
approve or cancel the transaction.
- 6X faster: The bill payment process is up to six times faster
for customers than paying a bill manually.
BMO is the first Canadian financial institution to provide
customers with a completely automated bill paying process. The new
solution is currently available to existing BMO retail banking
customers. The platform can be used to pay most telecom and utility
bills, and more providers are being added regularly.
BMO QuickPay has been recognized as a top digital innovation by
leading industry awards including the Gartner Eye on Innovation
Award and Banking Technology Awards. The solution also won Bronze
at the global EFMA-Accenture Innovation Awards.
To learn more about BMO QuickPay and how it can help, visit:
https://bmo.com/quickpay
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
$839 billion as of July 31, 2019, 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.
SOURCE BMO Financial Group