BMO Capital Markets Teams Up
with PrimeRevenue to Automate, Streamline Supply Chain Finance
New Solution Meets Growing Market Demand for Supply Chain
Finance
Toronto and Atlanta, GA, September 20, 2006 –
BMO Capital Markets, a member of BMO Financial Group
(TSX, NYSE:BMO), and PrimeRevenue, the leading technology
provider of Supply Chain Finance (SCF) solutions, announced
today that they will jointly offer innovative Supply Chain
Finance services to expand BMO’s global trade and treasury
offerings. BMO’s Supply Chain Finance Solutions suite
is designed to eliminate working capital inefficiencies, enable
collaboration and provide greater transparency of information
throughout the supply chain.
“Business leaders recognize that by achieving greater
control and transparency of accounts payable and receivable,
they can improve cash flow and profitability , manage concentration
risk, and strengthen supply chain relationships,” said
Sara Joyce, Executive Managing Director and Head of International
Financial Institutions and Trade Finance, BMO Capital Markets.
“We are proud of our relationship with BMO,”
said Joe Juliano, CEO, PrimeRevenue. “The growing list
of financial services leaders offering a PrimeRevenue-powered
solution is testament to our offering while evidencing the
compelling value of SCF solutions for Global 2000 companies
and the supply chains supporting them.”
In a recent publication, research firm AberdeenGroup stated
that “the magnitude of potential gains from SCF is staggering.
Finance costs associated with products moving through the
supply chain comprise 4% of finished goods costs (the same
size as transportation and distribution costs), and have remained
virtually untouched by new technology and process for the
last 40 years.” SCF solutions, added Aberdeen, provide
a strong opportunity “to provide significant and measurable
bottom line benefits.”
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group
is a highly diversified North American financial services
organization. With total assets of more than C$311 billion
as at July 31, 2006, and more than 35,000 employees, BMO provides
a broad range of retail banking, wealth management and investment
banking products and solutions. BMO Financial Group serves
clients across Canada through its Canadian retail arm, BMO
Bank of Montreal and through its wealth management firms BMO
Nesbitt Burns, BMO InvestorLine and BMO Harris Private Banking.
BMO Capital Markets, our North American investment and corporate
banking division, provides a full suite of financial products
and services to our North American and international clients.
In the United States, BMO serves clients through Chicago-based
Harris, an integrated financial services organization that
provides more than one million personal and business clients
with banking, lending, investing, financial planning, trust
administration, portfolio management, family office and wealth
transfer services.
About PrimeRevenue, Inc.
PrimeRevenue's leading global Supply Chain Finance (SCF) platform
and solutions enable dramatic new working capital efficiencies
for the benefit of buyers and their suppliers. PrimeRevenue
achieves this through the delivery of secure, robust, industry-leading
technology, a global community of the world’s most innovative
financial institutions and partners, and flexible working
capital solutions and advice. Companies are relying on SCF
deployments powered by PrimeRevenue to increase profitability,
remove risk from their supply chain, and forge stronger trading
partner relationships. Headquartered in Atlanta, Georgia,
PrimeRevenue has offices and customers throughout the world.
For more information visit www.primerevenue.com.
###
|
