The FINANCIAL — Ford Motor Company is collaborating with BMO Harris Bank to simplify the process of automating chip purchase data.
The project is aimed at streamlining the processing of dynamic chip-on-film (DOV) transaction data as it is transferred from a shipping container to a bank’s Automated Teller Machine (ATM) in real time, according to Ford. The POS contains credit and debit card swipe equipment.
Other major financial institutions are expected to participate in the pilot program, which is being led by BMO Harris and is slated to launch in mid-summer.
“Our partnership with BMO Harris Bank puts increased focus on chip-on-film purchasing of in-transit components, including key parts and receipts from shipping containers, by simplifying the process and connecting the data transfer between the shipping container and ATM,” said Alex Luhrmann, product development, quality assurance and supply chain manager, Ford. “The end result will be a smoother purchase and transfer of merchant data, and a more efficient time for banks to process this data.”
Ross Lipson, Director of Supply Chain Partnerships at BMO Harris Bank, added: “This project is about streamlining the transaction data flow so that it flows as smoothly as possible between vendors and other companies who receive it. It’s also about speeding up integration between the bank and a maker of the specific parts that are being purchased.”
For more information on Ford’s data-driven solutions, visit www.ford.com/ConnectedProducts.