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Broadridge Financial Solutions recently announced that it has entered into a contractual agreement with BMO Financial Group. Under the terms of the agreement, BMO Financial Group will use Broadridge's Tax Forms Plus system (TFP) to better manage its tax reporting needs, automate data collection, printing, composition, and delivery. Broadridge Financial Solutions specializes in delivering advanced investor communications and technology-based solutions to financial customers and corporate issuers from across the globe.

In a release, Steven Hunt, Director, PCG PO, at BMO Financial Group while explaining that the system works by lowering risks associated with manual processes and improving client experience said, "Our goal is to continually innovate and improve our business processes. Through our arrangement with Broadridge we can leverage advanced technologies and the desired service levels that enable us to meet those objectives."

The TFP system lowers both risk and institutionalizes tax operations for companies. The system also helps in optimizing composition, print and mail processes for the business. Using the TFP system, companies benefit from the ability to report to account holders in real-time anytime amendments are made to either financial information on tax forms.  Furthermore, the system allows users to keep their book of records with Broadridge; this means the platform can easily and quickly transfer data without the need for additional steps while also lowering risks and costs for a company.

Michael Dignam, President, Broadridge Financial Solutions (Canada), Inc., said "Broadridge's tax management and distribution capabilities combine innovative technology with more than 50 years of experience, up-to-date knowledge of tax reporting operations and requirements, as well as a proprietary transition methodology to reliably and cost-effectively manage a firm's and its clients' tax needs."

Initially established in 1817 as Bank of Montreal, the BMO Financial Group is among the leading financial service organizations in North America. As of July 31, 2013, the total assets of the group sat at approximately $549 billion with an employee figure of 46,000. The BMO Financial Group offers an extensive number of investment banking, retail banking, and wealth management solutions to its customers.

Broadridge Financial Solutions investor communications and advanced technology-based solutions are used by banks, broker-dealers, corporate issuers, and mutual funds from across the globe. Using the company's investor communications, BPO solutions, and securities processing solutions clients can effectively and substantially lower their capital investments in infrastructure for operations.