Canada Selects Bank of Montreal MasterCard Program
Financial terms of the deal were not disclosed.
The contract, which begins in January, calls for Bank of Montreal's BMO ePurchasing Solutions service to provide government-branded MasterCard acquisition cards to 28,000 employees. The card will be used to pay for government-related purchases online and offline.
The Canadian federal government's MasterCard volume totals more than $400 million and accounts for nearly 90 percent of credit card use within the government, MasterCard said.
"We are using Bank of Montreal's payment and systems integration experience to automate and optimize our procurement process to achieve maximum cost saving and significant administrative efficiencies," said Robert Berniquez, director of the Financial Management Policy division, Controllership branch, Treasury Board of Canada.
Bank of Montreal also said its ePurchasing Solutions division would implement its Web-based card reporting and data integration service for the Canadian government. The reporting service lets customers manage detailed purchasing information online and features more than 300 report options.
"Bank of Montreal will help the Canadian government streamline its purchasing process and speed up its settlements and payments, while cutting time and costs from the overall procurement process," said Randy Ford, director of the ePurchasing Solutions division.
The bank's ePurchasing Solutions division offers more than 33,000 corporate payment services to companies in Canada and the United States. The division processes more than 250 million transactions a year.