- BMO pairs the efficiency and security of virtual cards with
convenience of contactless payments for Commercial Banking clients
in the U.S. and Canada
- BMO is the first global Mastercard issuer to offer
contactless virtual cards through Extend to help clients make real
financial progress by strategically leveraging this
functionality
CHICAGO and TORONTO, Aug. 28,
2023 /CNW/ - BMO Commercial Bank clients in the
U.S. and Canada now have access to
even greater payment management functionality with the launch of
Extend for BMO app. The app features new functionality
that will give cardholders the power to create and push virtual
cards to their employees' mobile wallets, enabling them to spend
wherever contactless payments are accepted.
BMO is the first global Mastercard issuer to offer contactless
virtual cards through its cobranded Extend for BMO app – an
expansion of the payments functionality BMO announced in 2022. With
the ability to create, send, and manage virtual cards that enable
simplified payments online, in-app, and now in-store, BMO is
empowering its Corporate Card clients to manage travel and business
expenses on the go more easily.
For businesses, in-store contactless payments represent an
opportunity to use virtual cards almost anywhere to manage spending
more efficiently. BMO clients using Extend for BMO to issue virtual
cards also benefit from tighter spend controls, along with
streamlined receipt and reconciliation processes.
"By offering mobile wallet functionality for physical cards and
now virtual cards and contactless payments, BMO is equipping our
Corporate Card clients with convenient tools to manage their
businesses and make financial progress," said Derek Vernon, Head, Treasury and Payment
Solutions (TPS) Product Management and Payments Modernization, BMO
Commercial Bank. "We're making banking faster and simpler for our
clients by investing in sophisticated technology and partnering
with organizations like Mastercard to deliver to customers the
innovative, secure digital payment tools they have come to expect
from a digital-first bank."
Now, with mobile wallet capabilities, BMO Corporate Card clients
can extend the benefits of virtual cards to a host of additional
purchases, including contactless payments made during business
travel.
"Enabling virtual cards for use in mobile wallets is the next
frontier for the digitization of business payments," said
Marie Elizabeth Aloisi, Executive
Vice President, US Commercial Payments/Acceptance & Healthcare
Solutions, Mastercard. "In collaboration with BMO and Extend,
Mastercard is delivering a simple, secure and seamless payment
experience for commercial banking customers wherever digital
payments are accepted."
Extend offers advanced virtual card app capabilities and enables
clients to deploy virtual cards from their existing BMO Corporate
Card program without any technical integration, and in as little as
five minutes. The program leverages Mastercard's mobile virtual
card solution, which brings together its industry leading virtual
card and tokenization platforms.
Extend CEO and Co-Founder Andrew
Jamison said, "People expect to be able to make payments on
the go, even when those payments are for business expenses. By
enabling virtual cards in mobile wallets, we have traveled the last
mile toward widespread adoption. The ability to empower an employee
to securely make ad hoc in-store purchases using a virtual card
should be the norm, and now it can be."
BMO is paving the way as a digitally enabled, future-ready bank
harnessing the potential of emerging technologies for real-time
information and processing. This agreement represents another
milestone in BMO's Digital First journey, and builds on the bank's
recently announced partnerships with FISPAN and Xero.
To learn more, visit
https://www.paywithextend.com/banks/bmo.
About BMO
BMO Financial Group is the eighth largest
bank in North America by assets,
with total assets of $1.25 trillion
as of April 30, 2023. 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 over 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.
About Mastercard (NYSE: MA)
Mastercard is a global
technology company in the payments industry. Our mission is to
connect and power an inclusive, digital economy that benefits
everyone, everywhere by making transactions safe, simple, smart and
accessible. Using secure data and networks, partnerships and
passion, our innovations and solutions help individuals, financial
institutions, governments and businesses realize their greatest
potential. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
About Extend
Extend turns your business credit card
into a spend management platform, so you can achieve more with
what's yours. Thousands of companies use Extend's virtual cards,
insights, and controls to empower their teams, streamline payment
processes, and manage billions of dollars in transactions – all
while keeping the financial partners they know and trust. Extend
was founded in 2017 by industry veterans of American Express,
Capital One, and other Fortune 500 companies. For more information
visit paywithextend.com or follow Extend on LinkedIn.
LinkedIn.
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SOURCE BMO Financial Group