Moneris Collaborates With BMO For B2B Payments In Canada

Moneris Solutions Corporation has teamed with Bank of Montreal (BMO) to connect business customers in Canada with Moneris B2B Pay, an automated payment processing offering fueled by straight-through processing, according to an announcement on Tuesday (March 22).

BMO Vice President of North American Corporate Cards Steve Pedersen said in the announcement that the pandemic has sped up the migration in the direction of a completely digital payments process from nonautomated, hardcopy-based workflows.

“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,” Pedersen said in the announcement.

Moneris B2B Pay lets purchasers and vendors transact through virtual business cards like BMO’s Approve2Pay. Purchasers can start payments digitally by using a virtual card, while vendors can have funds accepted without intervention and have the funds put into their accounts.

BMO commercial customers who enroll in BMO Approve2Pay in addition to Moneris B2B Pay can take advantage of Moneris’ “supplier enablement service” that helps gets each of a client’s typical vendors to take virtual card payments if those firms don’t presently support it.

“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,” Moneris Chief Sales and Marketing Officer Duri Alajrami.

The news comes as companies throughout the world are making dramatic modifications to acclimate to the digital-first environment surfacing in the wake of the pandemic.

Most are encouraging staffers to telecommute while also moving their back-office operations online — payment operations aren’t an exception. Online B2B payments innovations from virtual cards to cloud-based enterprise resource planning (ERP) systems and machine learning (ML) automation are gaining unprecedented steam as companies move to develop sustainable B2B payments operations beyond the office.

Through Enabling B2B Payments For The Virtual Workforce, PYMNTS explores how the race is on to invest in B2B innovations that can help tackle false positives, evolving staffer work habits and growing pains.