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BMO, FISPAN to simplify business banking

Friday 18 November 2022 15:22 CET | News

BMO has partnered with FISPAN to enable BMO Online Banking for Business clients’ direct access to banking from Enterprise Resource Planning (ERP) or accounting system.

 

By integrating payments, reporting and reconciliation with these systems, clients are enabled to perform and manage their business transactions in a more simple and efficient way. 

As part of this partnership, BMO’s business clients will be able to carry out the following actions without leaving their ERP system: 
  • View account and balance information in real time;

  • Send wire and other domestic electronic payments;

  • Reconcile their transactions in an automatic manner.

Recognising that their clients have competing demands, BMO is focused as a banking partner on helping them progress through the delivery of simple solutions, with company officials stating in the press release that the partnership aligns with their commitment in delivering leading digital experiences to their customer and giving them more time to focus on expanding their business. The partnership also marks BMO’s investment in leveraging Open Banking capabilities to tailor their services to meet their Commercial Banking clients’ varying needs. Its Developer Portal gives clients access to banking APIs and enables them to build custom integration between their business systems and BMO accounts. 

FISPAN will be working with BMO on these integrations, sharing the company’s focus on innovation and providing an improved business banking experience for their clients, BMO representatives having stated in the press release that FISPAN’s open architecture helps simplify and expedite direct integration into ERP systems. 

BMO is consolidating itself as digitally enabled, future-ready bank, taking advantage of emerging technologies for real-time information and processing. With the industry moving towards Open Banking, the company aims to support its customer base by creating a robust API infrastructure underpinned by security, looking to enable safe and secure financial decisions.

BMO has partnered with FISPAN to enable BMO Online Banking for Business clients’ direct access to banking from Enterprise Resource Planning (ERP) or accounting system.

BMO Financial Group, FISPAN company information

BMO is a financial services provider that offers a broad range of personal and commercial banking, wealth management and investment banking products and services. The company has over 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets, having total assets of USD 1.07 trillion as of July 2022.

FISPAN is an ERP-banking provider, offering a platform that enables banks to provide business banking services embedded in their clients’ business application. FISPAN powers commercial banking experiences by removing friction and adding value to their clients’ business operations. 


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Keywords: partnership, Open Banking, Open Banking Ecosystem, payments infrastructure, ERP, API, banking, financial institutions
Categories: Banking & Fintech
Companies: BMO, FISPAN
Countries: North America
This article is part of category

Banking & Fintech

BMO

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FISPAN

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