BMO, in collaboration with FISPAN, has introduced BMO Sync, a new solution designed to integrate BMO Online Banking for Business services directly into Enterprise Resource Planning (ERP) and accounting systems. This includes platforms such as QuickBooks Online and Sage Intacct. The service aims to automate routine tasks and centralize banking activities for enhanced efficiency.
The key features of BMO Sync include automated payable workflows that eliminate the need for file uploads, streamline payment processing, and improve cash flow management with near-real-time transaction visibility. Clients can connect and automate payments within 30 minutes, enhancing reconciliation through automatic transaction imports into ERP systems.
"BMO Sync is a key component of our Digital First strategy, which delivers leading digital experiences to our clients," stated Sean Ellery, Head of Digital & Innovation at BMO Commercial Bank. He emphasized that embedding banking services within client systems helps save time and reduce errors.
The partnership between BMO and FISPAN leverages APIs to offer more embedded banking options. Gurreet Sidhu, CIO of Treasury and Payment Solutions at BMO, noted that FISPAN's open architecture facilitated the quick development of BMO Sync.
Lisa Shields, CEO at FISPAN, remarked on the growing recognition of embedded banking as essential in treasury services. She expressed enthusiasm about working with BMO to aid clients in managing their capital efficiently.
BMO Sync is now available to business clients using leading ERP and accounting systems in both the U.S. and Canada.
FISPAN specializes in banking connectivity by integrating with ERPs and accounting software to automate workflows. With over 3,700 businesses on its platform handling an annual payment volume exceeding $71 billion, it continues to lead in banking connectivity solutions.
BMO Financial Group ranks as the eighth largest bank in North America by assets as of October 31, 2024. It serves 13 million customers across Canada, the United States, and select global markets.