The partnership with FISPAN will enable BMO’s business clients to view account and balance information in real time, make domestic electronic payments, and automatically reconcile their transactions
BMO teams up with FISPAN. (Credit: PiggyBank on Unsplash)
Canada’s Bank of Montreal (BMO) has teamed up with FISPAN to provide the bank’s business clients with direct access to their everyday banking, from their Enterprise Resource Planning (ERP) or accounting system.
Established in 2016, FISPAN offers a contextual business banking platform that allows banks to offer commercial banking services within ERP and business applications.
The partnership enables BMO’s business clients to view account and balance information in real time, make domestic electronic payments, and automatically reconcile their transactions.
With the integration of payments, reporting and reconciliation, clients now have a simpler, more efficient way to perform and manage their business transactions, said BMO.
FISPAN CEO Lisa Shields said: “We are thrilled to be working with BMO on these integrations. We share BMO’s emphasis on innovation and a better business banking experience for their clients making this partnership a perfect fit.”
BMO treasury and payment solutions CIO Gurreet Sidhu said: “FISPAN’s open architecture simplifies and expedites direct integration into ERP systems.
“This partnership is another example of BMO securing industry-leading partnerships with providers that help us to meet our client’s growing needs.”
BMO said that the current partnership with FISPAN underlines its strategy of using the power of Open Banking to customise its offering for commercial banking clients.
It has recently partnered with New Zealand-based technology company Xero to enable its business clients to connect and manage their Online Banking and Xero accounts.
In addition, clients who wish to build custom integrations between their business systems and BMO accounts can access banking APIs through the bank’s Developer Portal.
BMO commercial banking digital and innovation head Sean Ellery said: “We recognise 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.
“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.”