- Partnership offers new integration enabling business
customers with complex needs to self-serve and sync their BMO and
Xero accounts in a matter of minutes
- Customers see daily balances and transactions
automatically – no need to sign into online banking or manually
export or upload files
TORONTO and CHICAGO, Aug. 24, 2022 /CNW/ - BMO Financial Group
and global cloud-based accounting platform, Xero, are making
it easier for business customers to run and grow their business
with the introduction of automatic transaction synchronization.
Coming later this year, BMO customers using Online Banking for
Business will be able to seamlessly send daily bank feeds to their
Xero account. For BMO, this is one in a series of partnerships that
enable customers to tailor their banking services to their
day-to-day operations and workflow.
"Our clients have told us: the less time we need to spend on
manual tasks, the better," said Hugh
McKee, Head, BMO Partners. "Our partnership enables
automatic transaction syncing between BMO and Xero, which gives
owners more time to focus on what matters to them – making progress
and growing their business."
This integration will enable BMO's business customers utilizing
Online Banking for Business to connect directly and help gain back
time previously spent on data entry and reconciliation, and
introduces the following features:
- Automatically receive the latest BMO transactions and account
balances from Xero accounts daily
- A one-year transaction and balance history right from the
start
- Control to modify or deactivate this integration at any time
from a BMO account
"Empowering businesses with solutions that improve their
day-to-day operations is a key priority for BMO," said Sean Ellery, Head, Digital and Innovation,
Commercial Banking, BMO Financial Group. "Our partnership with Xero
gives our clients with complex business needs yet another tool to
help make their businesses more efficient and profitable."
"Xero is incredibly excited to work with BMO and enable small
businesses to use technology designed to help them gain back time
during their day," said Chris
O'Neill, Chief Growth Officer, Xero. "We share the same
vision of better serving small businesses across the US and
Canada, and this partnership is a
major first step in our relationship to do just that."
BMO is paving the way as a digitally enabled, future-ready bank
harnessing the potential of emerging technologies for real-time
information and processing. As the industry moves towards Open
Banking, BMO is supporting customers by creating a robust API
infrastructure, underpinned by security, to enable safe and secure
financial decisions.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly
diversified financial services provider - the 8th largest bank, by
assets, in North America. With total assets of $1.04
trillion as of April 30, 2022, and a team of diverse and
highly engaged employees, BMO provides a broad range of personal
and commercial banking, wealth management and investment banking
products and services to more than 12 million customers and
conducts business through three operating groups: Personal and
Commercial Banking, BMO Wealth Management and BMO Capital
Markets
About Xero
Xero is a global small business platform with 3.3 million
subscribers which includes a core accounting solution, payroll,
workforce management, expenses and projects. Xero also provides
access to financial services, and an ecosystem of more than 1,000
connected apps and more than 300 connections to banks and other
financial institutions. Through Xero's open platform, small
businesses can connect to a range of solutions that help them run
their business and manage their finances. For three consecutive
years (2020-2022) Xero was included in the Bloomberg
Gender-Equality Index. In 2021, Xero was included in the Dow Jones
Sustainability Index (DJSI), powered by the S&P Global
Corporate Sustainability Assessment. Xero has been named as a FIFA
Women's Football partner under FIFA's new commercial
structure.
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content:https://www.prnewswire.com/news-releases/bmo-and-xero-helping-businesses-put-bookkeeping-on-autopilot-301611251.html
SOURCE BMO Financial Group