BMO Launches BMO Sync, Powering Progress for Businesses Via Embedded Banking

Rhea-AI Summary

BMO has launched BMO Sync, a pioneering embedded banking solution that integrates BMO Online Banking for Business services directly with Enterprise Resource Planning (ERP) and accounting systems. The first-of-its-kind solution in Canada allows clients to connect and automate their banking activities in under 30 minutes.

Developed in partnership with FISPAN, BMO Sync offers key features including automated payable workflows, improved cash flow management with near real-time visibility, and automated transaction reconciliation. The solution is compatible with systems like QuickBooks Online and Sage Intacct®.

The launch represents a significant step in BMO's Digital First strategy, aiming to streamline business operations and reduce errors through API-powered embedded banking. The service is now available to BMO Online Banking for Business clients in both the U.S. and Canada.

Positive

• First-to-market embedded banking solution in Canada
• Reduces operational time with 30-minute setup and automated workflows
• Expands digital banking capabilities through ERP integration
• Cross-border availability in both U.S. and Canadian markets

Negative

• None.

News Market Reaction

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+0.02% News Effect

On the day this news was published, BMO gained 0.02%, reflecting a mild positive market reaction.

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• Seamless integration with leading Enterprise Resource Planning and accounting systems to offer clients a more efficient way to manage accounts payables and reconciliation tasks
• Clients can connect and start using their accounts in under 30 minutes, freeing up time to grow their business
• Solution is first-to-market in Canada, revolutionizing integrated banking for BMO clients on both sides of the border

TORONTO and CHICAGO, Feb. 4, 2025 /PRNewswire/ - BMO, in partnership with FISPAN, has announced the launch of BMO Sync, a solution that integrates BMO Online Banking for Business services directly into Enterprise Resource Planning (ERP) and accounting systems such as QuickBooks Online, Sage Intacct®, and other leading ERPs. In a few simple clicks, 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 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.

"BMO Sync is a key component of our Digital First strategy, which delivers leading digital experiences to our clients," said Sean Ellery, Head, Digital & Innovation, BMO Commercial Bank. "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.

"FISPAN is another example of BMO securing partnerships with providers who help us bring industry-leading technologies and capabilities to our clients," said Gurreet Sidhu, CIO, Treasury and Payment Solutions at BMO. "Because their open architecture simplifies and expedites direct integration with ERP systems, we were able to build and deliver BMO Sync to our clients in record time."

"Leading financial institutions are recognizing embedded banking as a cornerstone of their treasury services roadmap," said Lisa Shields, CEO at FISPAN. "We are thrilled to be working with BMO to help their clients efficiently manage their working capital."

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.  

About FISPAN
FISPAN, the industry leader in banking connectivity, partners with financial institutions to provide turnkey solutions that seamlessly integrate with ERPs and accounting software. These integrations automate workflows, enhance visibility, and strengthen security for businesses. With more than 3,700 businesses on its platform and an annual payment volume exceeding $71 billion, FISPAN continues to set the standard for banking connectivity solutions.

About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.41 trillion as of October 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad 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. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society. 

 

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SOURCE BMO Financial Group

FAQ

What is BMO Sync and how does it benefit business clients?

BMO Sync is an embedded banking solution that integrates BMO Online Banking for Business with ERP systems, offering automated payable workflows, improved cash flow management, and automated reconciliation, helping businesses save time and reduce errors.

Which ERP systems are compatible with BMO Sync?

BMO Sync is compatible with QuickBooks Online, Sage Intacct®, and other leading ERP and accounting systems.

How long does it take to implement BMO Sync for business accounts?

BMO Sync can be connected and implemented in under 30 minutes, allowing businesses to quickly start automating their banking activities.

Is BMO Sync available in both the United States and Canada?

Yes, BMO Sync is available to BMO Online Banking for Business clients in both the U.S. and Canada who use compatible ERP and accounting systems.

What are the main features of BMO's new Sync platform?

The main features include automated payable workflows, near real-time cash position visibility, easy 30-minute onboarding, and automated transaction reconciliation through bank feeds.