BMO has finished the creation of a portal that will enable small business clients to transmit their financial data to Intuit QuickBooks Online. Customers will keep ownership over their information and can agree to which data will be provided, according to an announcement.
"As an organization, we've been participating in forms of open banking for more than 15 years and understand the need and value of giving customers control of their data," BMO Financial Group Chief Digital Officer Brett Pitts said in the announcement. "This collaborative relationship with Intuit Canada is an important step toward a larger open banking framework. We will continue to look for innovative opportunities that help our customers."
The data connection offer business clients effective sharing of their bank transaction information with QuickBooks Online in addition to related applications, according to the announcement. It will also let them spend less time, and they won’t have to switch from their QuickBooks platforms to online banking and vice versa.
Intuit Financial Institutions Segment Vice President Rajneesh Gupta said in the announcement that the company has worked for years to improve financial life for individuals, small companies and those who work for themselves.
“We believe every customer should be able to access their financial data in whatever format they wish or with whatever app they choose to better their financial life,” Gupta said.
BMO has overall assets of $987 billion as of April 30, 2020 and a spectrum of products and services to over 12 million clients. It engages in business via its Personal and Commercial Banking, BMO Capital Markets and BMO Wealth Management groups.
In December, news surfaced that QuickBooks had become a part of the Starling Business Marketplace. Users can click on QuickBooks in the Starling Marketplace program to get started, according to news at the time, while current QuickBooks users can link their Starling business account to let transactions be refreshed live.