BMO Financial Group and global cloud-based accounting platform, Xero, are making it easier for business customers to run and grow their business with the introduction of automatic transaction synchronization. Coming later this year, BMO customers using Online Banking for Business will be able to seamlessly send daily bank feeds to their Xero account. For BMO, this is one in a series of partnerships that enable customers to tailor their banking services to their day-to-day operations and workflow.
“Our clients have told us: the less time we need to spend on manual tasks, the better,” said Hugh McKee, Head, BMO Partners. “Our partnership enables automatic transaction syncing between BMO and Xero, which gives owners more time to focus on what matters to them – making progress and growing their business.”
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This integration will enable BMO’s business customers utilizing Online Banking for Business to connect directly and help gain back time previously spent on data entry and reconciliation, and introduces the following features:
- Automatically receive the latest BMO transactions and account balances from Xero accounts daily
- A one-year transaction and balance history right from the start
- Control to modify or deactivate this integration at any time from a BMO account
“Empowering businesses with solutions that improve their day-to-day operations is a key priority for BMO,” said Sean Ellery, Head, Digital and Innovation, Commercial Banking, BMO Financial Group. “Our partnership with Xero gives our clients with complex business needs yet another tool to help make their businesses more efficient and profitable.”
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“Xero is incredibly excited to work with BMO and enable small businesses to use technology designed to help them gain back time during their day,” said Chris O’Neill, Chief Growth Officer, Xero. “We share the same vision of better serving small businesses across the US and Canada, and this partnership is a major first step in our relationship to do just that.”
BMO is paving the way as a digitally enabled, future-ready bank harnessing the potential of emerging technologies for real-time information and processing. As the industry moves towards Open Banking, BMO is supporting customers by creating a robust API infrastructure, underpinned by security, to enable safe and secure financial decisions.
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