Modern Treasury and BMO Improve Speed of Payment Flows for Commercial Clients
Innovative joint offering to simplify money movement for shared customers
September 14, 2023 08:30 AM Eastern Daylight Time
SAN FRANCISCO--(BUSINESS WIRE)--Modern Treasury and BMO today announced the launch of a new innovative offering for shared commercial banking clients enabling them to seamlessly manage and track complex, high-volume payment flows. Geared toward businesses operating in the financial services, real estate software, insurance and healthcare industries, the solution combines BMO’s comprehensive suite of banking capabilities with Modern Treasury’s financial operating system for money movement and enables faster, more flexible payments, frictionless automated reconciliation, real-time financial data, pre-built reporting capabilities, and bespoke operational support.
“With the rise of software and digital finance, companies are integrating payments within digital products more and more. We expect this trend to accelerate,” said Dimitri Dadiomov, co-founder and CEO of Modern Treasury. “We are excited to partner with BMO to bring clients a payments experience that matches the speed and ease of their software products. This relationship will support current BMO customers that are looking to add more payment operations capabilities to their products. It will also enable current Modern Treasury customers to take advantage of BMO’s North American presence and best-in-class-payment capabilities.”
“We’re making banking faster and simpler for our clients by investing in sophisticated technology and partnering with organizations like Modern Treasury,” said Brett Pitts, Head, North American Treasury and Payment Solutions, BMO. “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.”
The integration between the Modern Treasury and BMO platforms provides companies with the technical and operational support to seamlessly manage and track complex, high-volume payment flows. This includes collaboration on internal processes that align to each other’s operational capabilities, providing mutual customers with the highest levels of service.
About Modern Treasury
Modern Treasury is the operating system for the new era of payments, helping companies unlock growth, enhance customer experiences, and drive efficiency. The payment operations platform and best-in-class developer tools move companies forward with faster payments, effective workflows, full data visibility, and seamless bank integrations. Founded in 2018, San Francisco-based Modern Treasury serves leading companies across broad sectors of the economy like ClassPass, Gusto, Marqeta, Procore, Navan, and more, and is backed by investors Altimeter Capital, Benchmark, and Y Combinator.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of July 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.
Contacts
Mridula Rajagopal, BMO
Mridula.rajagopal@bmo.com
773-664-3680
Chad Torbin, Modern Treasury
Chad@speakeasystrategies.com
415-548-6536
