News Releases
- 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.
SOURCE BMO Financial Group
