BMO, in partnership with FISPAN, announced the launch of BMO Sync, a solution that integrates BMO Online Banking for Business services into Enterprise Resource Planning (ERP) and accounting systems such as QuickBooks Online, Sage Intacct, and other leading ERPs.
This solution enables Online Banking for Business clients to automate common tasks and “access their banking activity in one place, boosting efficiency and saving time.”
This solution is said to be the “first” of its kind in Canada.
Key features of BMO Sync include:
- Automated payable workflows, eliminating the need for cumbersome file uploads and streamlining wire and domestic electronic payment processing.
- Improved cash flow management and decision making with near-real time cash position and transaction visibility.
- Easy onboarding so clients can get connected and automate payments in under 30 minutes.
- Improved reconciliation with bank feeds, which automatically import transactions into the ERP’s reconciliation module.
Sean Ellery, Head, Digital & Innovation, BMO Commercial Bank said:
“Embedding our banking services within our clients’ systems helps them save time, reduce errors, and focus on what’s most important to them – growing their businesses.”
BMO and FISPAN’s partnership on BMO Sync is one of several ways BMO is leveraging “the power of its APIs (Application Programming Interface) to offer more embedded banking options to its clients.”
BMO Sync is now available to BMO Online Banking for Business clients in the U.S. and Canada who are “using leading ERP and accounting systems. Click here to learn more.”
As noted in the update, FISPAN, the industry participant focused on banking connectivity, partners with FIs in order to “provide turnkey solutions that seamlessly integrate with ERPs and accounting software.”
These integrations automate workflows, “enhance visibility, and strengthen security for businesses.”
With various businesses on its platform and an annual payment volume of more than $71 billion, FISPAN claims that it continues to “set the standard for banking connectivity solutions.”
As mentioned in the announcement, BMO Financial Group is the eighth largest bank in North America ”by assets, with total assets of $1.41 trillion as of Oct 31, 2024.”
As stated in the release, BMO is a team of engaged employees providing a “range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally.”
BMO explained that it is committed to driving “positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.”