BMO has joined forces with FISPAN to offer the bank’s commercial customers direct access to day-to-day banking activities from their enterprise resource planning (ERP) or accounting system.
“By integrating payments, reporting and reconciliation with these systems, customers now have an easier and more efficient way to execute and manage their business transactions,” the bank said in a news release on Thursday (November 17).
According to the release, the partnership allows BMO’s corporate customers to view real-time account and balance information, send electronic payments and automatically reconcile transactions without leaving their ERP systems.
“We recognize that our customers have conflicting needs and, as their banking partner, we are focused on helping them move forward by providing simple and seamless solutions,” said Sean Ellery, head of BMO Commercial Banking, Digital and Innovation , in the announcement.
Earlier this year, BMP partnered with cloud-based accounting firm Xero to offer business customers more options for automated banking to streamline their financial dealings.
BMO customers using the company’s Online Banking for Business service will be able to send daily bank feeds to their Xero account, thus reducing data entry and reconciliation.
“Our customers have told us the less time we have to spend on manual tasks, the better,” said Hugh McKee, head of BMO Partners. “Our partnership enables automatic syncing of transactions between BMO and Xero, which gives owners more time to focus on what matters to them – making progress and growing their business.”
These partnerships come at a time when companies are looking to manage as many aspects of their operations digitally as possible, PYMNTS reported earlier this year.
A Bank of America study found that 85% of its small business customers use digital channels, while digital engagement is up 15% over last year, leading to an increasing share of sales coming from online channels . The report found that small business digital sales are now up 300% from pre-2020 levels and account for nearly half of total sales.
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