- Directly integrating with BMO Online Banking for Business
offers clients a more efficient way to manage their
banking
- Partnership highlights BMO's strategy to offer innovative
Open Banking solutions to business clients
TORONTO and CHICAGO, Nov. 17,
2022 /CNW/ - BMO and FISPAN have partnered to offer
BMO Online Banking for Business clients direct access to their
day-to-day banking from their Enterprise Resource Planning (ERP) or
accounting system.
By integrating payments, reporting and reconciliation with these
systems, clients now have a simpler, more efficient way to perform
and manage their business transactions.
Without leaving their ERP system, BMO's business clients will be
able to:
- View real-time account and balance information
- Send wire and other domestic electronic payments
- Automatically reconcile their transactions
"We recognize that our clients have competing demands and as
their banking partner, we're focused on helping them make progress
by delivering seamless and simple solutions," said Sean Ellery, Head, Digital and Innovation,
Commercial Banking, BMO. "This partnership aligns perfectly with
our commitment to deliver leading digital experiences to our
customers giving them more time to focus on what matters most –
growing their business."
This partnership represents BMO's continued investment in
leveraging the power of Open Banking to tailor their services to
fit the varying needs of its Commercial Banking clients:
- BMO recently announced a partnership with Xero allowing
business clients to connect and manage their Online Banking and
Xero accounts
- BMO's Developer Portal makes banking APIs available to clients
who want to build custom integrations between their business
systems and BMO accounts
"We are thrilled to be working with BMO on these integrations,"
says Lisa Shields, CEO, FISPAN. "We
share BMO's emphasis on innovation and a better business banking
experience for their clients making this partnership a perfect
fit."
"FISPAN's open architecture simplifies and expedites direct
integration into ERP systems," said Gurreet Sidhu, CIO, Treasury
and Payment Solutions, BMO. "This partnership is another example of
BMO securing industry-leading partnerships with providers that help
us to meet our client's growing needs."
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 $1.07 trillion as of July 31, 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 FISPAN
FISPAN is the market leader in
ERP-banking. Our turn-key platform makes it simple for banks to
offer business banking services embedded in their clients' business
application. FISPAN powers best-in-class commercial banking
experiences by removing friction and adding value to how the bank's
clients operate their business. Founded in 2016, FISPAN is
headquartered in Vancouver, BC and
led by CEO and founder, Lisa
Shields. To learn more, visit fispan.com.
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SOURCE BMO Financial Group