- Direct integration with BMO Online Banking for Business offers customers a more efficient way to manage their banking
- The partnership underscores BMO’s strategy of offering innovative open banking solutions to business customers
TORONTO and CHICAGO, November 17, 2022 /PRNewswire/ — BMO and FISPAN have partnered to offer BMO Online Banking for Business customers direct access to their day-to-day banking operations from their Enterprise Resource Planning (ERP) or accounting system.
By integrating payments, reporting and reconciliation with these systems, customers now have an easier and more efficient way to conduct and manage their business transactions.
Without leaving their ERP system, BMO business customers can:
- View real-time account and balance information
- Send wire transfers and other domestic electronic payments
- Reconcile your transactions automatically
“We recognize that our customers have competing needs, and as their banking partner, we are focused on helping them make progress by offering seamless and simple solutions,” he said Sean Ellery, Head, Digital and Innovation, Commercial Banking, BMO. “This partnership aligns perfectly with our commitment to providing our customers with leading digital experiences so they can focus on what matters most – growing their business.”
This partnership represents BMO’s continued investment in leveraging the power of open banking to tailor its services to the diverse needs of its commercial banking clients:
- BMO recently announced a partnership with Xero, allowing business customers to connect and manage their online banking and Xero accounts
- BMO’s Developer Portal makes banking APIs available to customers who wish to create custom integrations between their business systems and BMO accounts
“We’re excited to be working with BMO on these integrations,” he says Lisa Shields, Managing Director, FISPAN. “We share BMO’s emphasis on innovation and a better business banking experience for their customers, which makes this partnership a perfect fit.”
“FISPAN’s open architecture simplifies and accelerates direct integration with ERP systems,” said Gurreet Sidhu, CIO, Treasury and Payment Solutions, BMO. “This partnership is another example of BMO securing industry-leading partnerships with vendors that help us meet the evolving needs of our customers.”
BMO paves the way as a digitally-enabled, future-ready bank that leverages the potential of new technologies for real-time information and processing. As the industry moves towards Open Banking, BMO supports clients by creating a robust API infrastructure, underpinned by security, to enable secure financial decisions.
About BMO Financial Group
Serving customers for 200 years and counting BMO is a highly diversified financial services company – the 8th largest bank by assets in North America. With a balance sheet total of $1.07 trillion away July 31, 2022and a team of diverse and highly committed employees, BMO provides a wide range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million clients and conducts its business through three operating groups: Personal and Commercial Banking, BMO wealth management and BMO capital markets.
FISPAN is the market leader in ERP banking. Our turnkey platform makes it easy for banks to offer commercial banking services embedded in their customers’ business application. FISPAN fosters superior commercial banking experiences by removing friction and adding value to the way the bank’s customers do business. FISPAN was founded in 2016 and is headquartered in Vancouver, BC and led by CEO and Founder, Lisa Shields. To learn more, visit fispan.com.
SOURCE BMO Financial Group