TORONTO–BMO won two Celent Model Bank Awards: Payment Services Hub Implementation for BMO Payment Hub; as well as an Innovation Enablement Award for BMO InnoV8, a digital acceleration initiative.
The Payment Services Hub Implementation Award recognized BMO’s commitment to payments modernization. With a modernized payments infrastructure, BMO will be able to deliver new products with greater agility. The BMO Payment Hub will also allow BMO to build on its best-in-class cross border banking capabilities by supporting emerging payment solutions.
With InnoV8, BMO was recognized for creating a program that tests and develops ideas to transform a customer’s financial journey. BMO QuickPay – a new, simple way for customers to pay their bills – is one of the solutions developed out of InnoV8. BMO’s QuickPay is currently in the pilot stage, with a public launch planned for Fall 2019.
“The BMO Payment Hub is an exciting step for us on our modernization journey and allows us to deliver faster and more efficient payment experiences for customers,” said Sharon Haward-Laird, Head, North American Treasury & Payment Solutions, BMO Financial Group. “Both awards recognize BMO’s commitment to creating and investing in services to better support customers.”
“Across BMO, we’re focused on finding opportunities to push forward and create great experiences for our customers like with BMO QuickPay,” said Brett Pitts, Chief Digital Officer, BMO Financial Group. “In everything we do, our customers are at the heart of it, and we will continue to look for digital initiatives that create a more seamless experience.”
Celent’s annual Model Bank Awards recognize the best practices of technology usage in different areas critical to success in banking. Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence.
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 $807 billion as of January 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.