By Nikita Saharia Chaturvedi
The Government of Canada has renewed its purchasing card contract with BMO Financial Group (BMO) and MasterCard, its purchasing card suppliers for the past 11 years. BMO’s purchasing card provides payment options that streamline procurement processes by cutting costs, eliminating paperwork, maximizing working capital, and strengthening supplier relationships. As a result, the federal government can improve spend policy management and compliance. Steve Pedersen, Vice President, North American Corporate Cards Products at BMO, recently discussed this news in an interview with My Purchasing Center.
Like most governments around the world dealing recently with austerity measures, a key component for Canada is making sure departments and agencies are optimally spending and controlling costs, Pedersen says. “The government of Canada uses our cards to ensure that spending is directed to where it should be and not where it shouldn’t be,” he says. “Supported by reporting capabilities, we work closely with the government providing analysis to help optimize their program.”
What’s more, Pedersen credits MasterCard’s North American acceptance footprint with helping the government of Canada to eliminate the use of checks from its payment system. “It’s forefront in our ability to work with the government as it expands the program and to eliminate checks,” he says. “Without that acceptance, we would be hard pressed to help expand the program.” BMO also helps by analyzing accounts payable processes and identifying opportunities to streamline spending. The program provides suppliers with the benefit of quick payment.
To date, BMO has issued approximately 32,500 purchasing cards across 125 departments and agencies, accounting for 90% of the Canadian government’s purchasing cards. BMO Financial Group is a leading provider of commercial card and treasury solutions in North America. In addition to the recent purchasing card contract renewal, BMO has served the Government of Canada as its travel and entertainment (T&E) card provider since 2013.
Listen to the My Purchasing Center podcast interview with Steve Pedersen, Canadian Goverment Renews Purchasing Card Contract – See more at: http://www.mypurchasingcenter.com/purchasing/industry-articles/government-canada-renews-purchasing-card-contract/#sthash.H1Hgklcg.dpuf
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