This collaboration combines BMO’s banking capabilities with Modern Treasury’s financial operating system, offering faster and more flexible payments, automated reconciliation, real-time financial data, pre-built reporting capabilities and customized operational support, the companies said in a Thursday (Sept. 14) press release.
The solution offered through this partnership is tailored to businesses in the financial services, real estate software, insurance and healthcare industries, according to the release.
The integration between Modern Treasury and BMO platforms provides companies with the technical and operational support necessary to seamlessly manage and track complex, high-volume payment flows, the release said. This collaboration includes aligning internal processes to each other’s operational capabilities.
The integration of payments within digital products has become increasingly important to businesses, Dimitri Dadiomov, co-founder and CEO of Modern Treasury, said in the release. This partnership aims to meet this demand by providing clients with a seamless and efficient payments solution.
“This relationship will support current BMO customers that are looking to add more payment operations capabilities to their products,” Dadiomov said. “It will also enable current Modern Treasury customers to take advantage of BMO’s North American presence and best-in-class payment capabilities.”
Brett Pitts, head of North American treasury and payment solutions at BMO, added: “This new partnership empowers businesses with another innovative digital solution that can improve their day-to-day operations and is an extension of BMO’s evolving payments ecosystem that’s harnessing emerging technologies to power real financial progress for our clients.”
Amid rampant inflation and other challenges, businesses have an extra sense of urgency about being able to access funds when needed, having better cash flow management and realizing the maximum return on investments held in corporate coffers, Matt Marcus, chief product officer and co-founder of Modern Treasury, told PYMNTS in an interview posted in May.
“You’d be hard-pressed to find a company that isn’t talking about how they’re interacting with banks or thinking about their cash positioning,” Marcus said.