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Canadian Banks Enter ePayment Field

Bank of Montreal, Royal Bank of Canada and Harris Bank are to unite their merchant card businesses to form a new firm for one-stop card payment processing. The objective of the proposal, subject to approval by regulators in the US and Canada, is to offer merchants 'one convenient solution' for credit, debit and stored-value card payments. In view that Bank of Montreal has allied with Bancomer of Mexico, extension of the service to Mexico is feasible.

The proposal builds on the success of the banks' Single Stream Settlement service, enabling business owners to deposit Visa, MasterCard and Interac payments into one bank account. Going forward, the banks envision competition with specialized payment processing firms in the US and Canada. Harris Bank Merchant Services is to be used as a launch pad into the competitive US market, particularly in the online debit and Internet payment spaces.

In separate news, National Bank of Canada announced a joint initiative with HP Canada, Cognicase and SAP, to create ClickOn-Markets, a multi-client, multi-supplier wireless portal. National Bank will handle secure online transactions associated with the B2B2C supply chain, which is to be extended to National Bank's 170,000-plus commercial clients. Additional services will include party authentication, financial settlement and electronic purchases.

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