Financial Operations

November 11 , 2014

BMO DepositEdge™ launches in Canada

Toronto, ON-- BMO Financial Group has launched BMO DepositEdge, giving business customers seamless and secure cheque scanning with remote deposit capture.

The solution allows businesses to improve operational efficiencies by depositing cheques wherever and whenever it’s most convenient – providing greater control over the entire cheque handling process while saving time and reducing costs.

“For many organizations, manually processing cheque payments can be a hugely expensive and time-consuming daily process, eating up resources that should be invested elsewhere,” says Andrew Irvine, senior vice-president and head, North American Treasury & Payment Solutions, BMO Financial Group. “To thrive, businesses need around-the-clock access to cheque depositing – along with enhanced security and automation – and BMO DepositEdge gives them exactly that.”

Through its easy-to-use desktop scanner and web-based software, BMO DepositEdge enables businesses to capture cheque images securely and make deposits to BMO business accounts 24/7 1 – giving businesses faster access to cash.  

Additionally, BMO business customers gain:

  • Increased security and efficiency: Automating the cheque depositing process dramatically reduces errors and the risk of fraud by reducing manual touch points.

  • Time and money savings: With BMO DepositEdge, Treasury professionals can make deposits on their own schedules, without trips to the bank – allowing them to spend more time on more strategic tasks. Additionally, the solution eliminates the need – and costs – of cheque deposit slips.

  • Fewer bank deposit adjustments : In the majority of cases, cheques are automatically converted to image transactions without user intervention, while any remaining manual keying is validated by the system.

BMO Financial Group has been providing online cheque scanning solutions for business to U.S. clients since 2005; and now with the launch of BMO DepositEdge in Canada, businesses that bank with both BMO and BMO Harris Bank N.A. can deposit cheques for both their U.S. and Canadian operations.

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