DALLAS, Jan. 21 /PRNewswire/ -- BancTec, a global provider of advanced, high volume document and payment processing solutions and services, announced today that BMO Capital Markets, the investment and corporate banking arm of BMO Financial Group (TSX, NYSE: BMO) has signed a long-term business process outsourcing (BPO) agreement continuing retail remittance processing services. In the United States, BMO Capital Markets provides its U.S. corporate and commercial clients banking and operating services through Harris N.A., part of BMO Financial Group. Under the agreement, BancTec will handle tens of millions of payments per year.
BancTec previously provided lockbox services to BMO Capital Markets through a contract with another service provider. "This strategic relationship with BancTec allows us to provide our clients full treasury management services and meet their working capital and cash flow needs," said Steve Rogers, Managing Director, Head of U.S. Global Treasury Management, BMO Capital Markets.
"Through Harris N.A., one of Chicago's largest financial institutions, BMO Capital Markets has built a robust treasury management practice that serves a wide variety of customers," said Jeff Brown, BancTec vice president for Business Process Outsourcing in the Americas. "Our enterprise-scale, remittance processing BPO solution provides BMO Capital Markets with the capabilities it needs to continue growing this important line of business. We look forward to building our direct relationship."
BancTec utilizes its PayCourier® and PayCourier® Archive solutions to form the core of its service offering for BMO Capital Markets. Each month, BMO Capital Markets directs millions of invoices to BancTec's facilities, where they are scanned, processed and archived for backup. Additionally, paper checks are converted to electronic images, providing BMO Capital Markets clients the improved processing and productivity benefits that come with image exchange.
BMO Capital Markets clients are also able to manage exception items—such as late payments or checks missing customer account detail—utilizing BancTec's online Interactive Exception Processing service. The advanced technologies built into BancTec's solution have proven read accuracy rates, resulting in fewer bad checks, earlier fraud detection and lower costs overall.
About BMO Capital Markets
BMO Capital Markets is a leading, full-service North American financial services provider, with over 2,200 employees operating in 14 North American offices and 27 worldwide, offering corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX: BMO), one of the largest diversified financial services providers in North America with US$359 billion total assets and more than 36,000 employees as at October 31, 2009. For more information, visit www.bmocm.com.
In the United States, banking and operating services are provided to BMO Capital Markets clients through Harris, a member of BMO Financial Group.
BancTec helps clients around the world simplify the process of managing their information. Founded in 1972, the company provides a wide range of solutions for automating complex, high-volume and data-intensive business processes for clients in the financial services, healthcare, manufacturing, government, services and utilities industries. BancTec's offerings include business solutions, business process outsourcing, and infrastructure services. With headquarters in Dallas, BancTec serves clients in 50 countries. For more information on how BancTec can help you optimize information management, visit http://www.banctec.com or call 1-800-BANCTEC.
Forward-Looking Statements All statements in this press release that do not directly and exclusively relate to historical facts are "forward-looking statements" describing BancTec's objectives, targets, plans, strategies, costs, anticipated capital expenditures and expected cost savings. These statements represent BancTec's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, many of which are outside the Company's control. These factors could cause actual results to differ materially from such forward-looking statements. For a written description of these factors, see the section titled "Risk Factors" in the Company's Registration Statement on Form S-1, as amended, initially filed with the Securities and Exchange Commission on August 8, 2007. The Company disclaims any intention or obligation to update these forward-looking statements whether as a result of subsequent events or otherwise except as required by law.