- BMO is the first organization to partner with Extend in
Canada
- Partnership gives clients rapid onboarding and offers
customizable Extend API to help grow business through payment
innovation
TORONTO, Dec. 7, 2022
/CNW/ - BMO and Extend, a virtual card and spend management
platform, today announced the addition of a simple and powerful set
of payments functionality to BMO Corporate Cards. Through its
existing relationship with Mastercard, BMO Commercial Bank clients
across North America can now use
Extend's mobile and desktop app to create, send, and manage virtual
cards for simplified payment and reconciliation processes.
BMO is the first organization to work with Extend in
Canada and will make Extend
solutions available to all Corporate Card clients across
North America. Extend provides an
opportunity for clients to deploy secure virtual cards from their
existing Corporate Card program, without any technical integration,
in as little as five minutes.
Juniper Research reports charge volume on virtual
cards is expected to more than triple in the next four years, with
business payments accounting for most of the spending. The control,
efficiency, and flexibility of virtual cards solves many of the
spend management challenges businesses face. With Extend, Corporate
Card clients can seamlessly empower their employees with virtual
cards to pay vendors, track spending by creating different cards
for different expense categories, automate reconciliation to
simplify bookkeeping, and more – all from the Corporate Card
program they already use.
"Our Corporate Card clients want to keep their spending secure
and controlled, while reducing costs," said Derek Vernon, Head of Product Management and
Enterprise Payments Modernization, BMO Commercial Bank. "The Extend
for BMO app solves this critical need with the power of virtual
cards that retain all the benefits our clients already enjoy with
their Corporate Card program while helping them make real financial
progress."
In addition to an easy-to-use mobile app and extensive desktop
features, the Extend API gives tech-savvy Corporate Card clients an
onramp to payment innovation. Clients can leverage easy
configuration and open documentation to integrate virtual card
issuance and management directly into their systems and existing
workflows. Instant transaction matching, strict security controls,
and support for high-volume transactions allow clients to
streamline finance processes and optimize core business functions
with a flexible virtual card API.
"Mastercard is committed to empowering businesses with flexible
and secure virtual payment solutions that grant more control over
spending while helping to alleviate the headache of disjointed
expense processes," said Darrell
MacMullin, Senior Vice President, Products and Platforms at
Mastercard Canada. "By delivering rich virtual card capabilities,
BMO is leveraging the value of the existing Mastercard-Extend
partnership for the benefit of its small and medium-sized business
clients across North America."
Extend CEO and Co-Founder Andrew
Jamison said, "Too often, teams try to manage and track
miscellaneous spend by sharing physical Corporate Cards. This leads
to cumbersome expense reports, manual reconciliation, unattributed
spend, or card misuse. By giving BMO's clients an easy way to
extend the features of their existing Corporate Cards, BMO is
bringing the future of spend management to business users
today."
Extend's virtual card and spend management platform offers BMO
clients the ability to:
- Control vendor payments
- Manage receipts, recurring expenses, and subscriptions
- Create, modify, send, and cancel virtual cards in
real-time
- Set spending limits, expiration dates, and recurring rules
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 www.paywithextend.com//bmo
About BMO
Serving customers for 200 years and counting, BMO is a highly
diversified financial services provider - the 8th largest
bank, by assets, in North America. With total assets
of $1.14 trillion as of October 31, 2022,
and a team of diverse and highly engaged employees, BMO provides a
broad range of personal and commercial banking, wealth management
and investment banking products and services to more than 12
million customers and conducts business through three operating
groups: Personal and Commercial Banking, BMO Wealth Management and
BMO Capital Markets.
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. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
About Extend
Extend helps banks innovate like fintechs, so SMBs get a simple,
powerful way to streamline spend management while keeping the
financial partners they know and trust. Thousands of companies use
Extend's spend management and virtual card distribution platform to
empower their teams, improve core financial processes, and manage
billions of dollars in transactions. 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.
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SOURCE BMO Financial Group