Beacon partners with BMO to improve money transfer services

This collaboration supports Beacon’s efforts to address the financial challenges immigrants face, offering them secure and efficient solutions for managing funds between countries. According to the Government of Canada, immigration to Canada has been steadily increasing in recent years, with immigrants accounting for as much as 90% of Canadian labour force growth. 

However, data collected by the Financial Consumer Agency of Canada (FCAC) has demonstrated that this growing subpopulation tends to report lower levels of financial knowledge and higher levels of financial anxiety than Canadian-born individuals, most likely due to language barriers, and receiving financial information from friends and family. 

As a registered Money Services Business (MSB) under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Beacon integrates compliance and technology to deliver new financial tools, including Beacon Remit, a fully digital, end-to-end money transfer service. By leveraging corporate accounts with BMO, the company aims to enhance its ability to provide affordable and secure transfer options.

Key features of the partnership

The partnership with BMO facilitates improved financial services for Beacon users, particularly in enabling transfers to and from Canada. BMO’s MSB accounts will support Beacon’s flagship services, including Beacon Remit and Beacon Money, while ensuring compliance with Canada’s financial regulations. 

Beacom officials talked about the company’s mission is to improve financial services for immigrants, helping them move money into and out of Canada efficiently and securely. They also added that BMO’s MSB accounts play a vital role in delivering these services. 

BMO representatives also highlighted the importance of the partnership and revealed that the collaboration supports their goal of enhancing customer experiences with innovative financial solutions. 

By partnering with BMO, Beacon aims to expand its offerings while maintaining strict adherence to regulatory standards, ensuring immigrants can manage their financial obligations with confidence. The move signals a step forward in Beacon’s efforts to address critical needs in the immigrant community.