BMO payment tool wins digital innovation award

BMO’s new payment tool was recognized as the top digital innovation at the 2018 Banking Technology Awards, the firm said Thursday.

QuickPay, which is currently in the pilot stage, won Top Digital Innovation at the awards held in London, U.K. last month. The tool uses optical character recognition and machine learning to process bills that customers email to BMO. QuickPay recognizes the biller, account number, amount and due date, BMO said in a release.

“Recognizing a customer’s bill payment journey begins with a paper or electronic statement, the team focused on re-imagining the experience to help them quickly and confidently pay bills on time,” the release said.

BMO is targeting a fall 2019 public launch for QuickPay.

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