Reports in Crowdfund Insider said Monday (July 15) that Bank of Montreal (BMO) will integrate Demica technology to extend supply chain financing solutions to its own business customers. According to the publication, their collaboration is Demica’s first bank partnership in North America.
Demica will white label its supply chain finance platform for BMO clients with features that include supplier on-boarding.
“We are impressed by the platform’s new features and functional simplicity, and we look forward to offering this enhanced service to our customers and driving growth across BMO’s Global Transaction Banking community,” said BMO Head of Global Trade Peter Grills.
Demica’s Chief Commercial Officer Maurice Benisty said their partnership is key for Demica’s expansion in North America.
Its partnership with Demica follows Bank of Montreal’s adoption of Mastercard Send in another move by the financial institution to enhance corporate financial services. Its work with Mastercard allows Montreal to offer business clients the cross-border payments solution operated by Mastercard that aims to accelerate and boost transparency of cross-border transactions.
Demica, meanwhile, first debuted its platform for banks last month to allow financial institutions to manage the process of connecting businesses to Demica’s trade financing portal, including invoice uploading and client on-boarding, and to white label its service that had previously only been available from within Demica’s own internal systems.
The company also introduced new dashboards for banks to manage the process and upload term sheets, automate reports, and submit payment messages.
At the time, CEO Matt Wreford told reporters that Demica expects between five and seven institutions to white label its trade finance tool in the coming years.