BMO seeks to modernise payment flows through Modern Treasury partnership
San Francisco-based payment operations platform Modern Treasury has partnered with BMO, North America’s eighth largest bank by assets, to revamp high-volume payment flow management for its commercial banking clients.
BMO partners Modern Treasury for payment flow revamp
The partnership will consolidate Modern Treasury’s suite of money management APIs and BMO’s banking capabilities to connect businesses to a new solution that promises payment flexibility, automated reconciliations, real-time financial data, reporting capabilities and operational support.
As a technical and operational integration, the offering ultimately seeks to afford businesses the ability to better manage and track the complexities of high-volume payment flows.
Dimitri Dadiomov, co-founder and CEO of Modern Treasury, says that the partnership will streamline and improve the integration of payment operations capabilities into BMO customers’ products, while his customers will also be able to “take advantage” of the bank’s established presence in North America.
Brett Pitts, head of North American treasury and payment solutions at BMO, adds that “sophisticated technology” is making banking “faster and simpler” for its commercial clients by addressing hurdles in day-to-day payment operations.
The bank’s announced partnership with Modern Treasury comes weeks after it came together with virtual card and spend management platform Extend to enable its commercial banking clients in North America to issue and manage virtual Mastercard-issued cards within their employees’ mobile wallets.
