BMO Revolutionizes Corporate Payments with Contactless Virtual Cards

In a groundbreaking move, BMO Commercial Bank has introduced an innovative enhancement to its Extend for BMO app, catering to both U.S. and Canadian clients. This advancement places BMO at the forefront of digital banking as it becomes the first global Mastercard issuer to offer contactless virtual cards through its Extend for BMO application. This new feature is a significant addition to the bank's 2022 payments capabilities, offering Commercial Card clients a seamless solution for managing their expenses while on the go.

The Extend for BMO app now empowers cardholders to create and deploy virtual cards to their employees' mobile wallets, facilitating effortless contactless payments. This feature is poised to redefine the way businesses manage their financial transactions, particularly in the realm of in-store contactless payments. The ability to issue virtual cards translates into tighter expenditure controls and expedited receipt and reconciliation processes for Extend for BMO clients.

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Derek Vernon, Head of Treasury and Payment Solutions Product Management and Payments Modernization at BMO Commercial Bank, emphasized the bank's commitment to delivering cutting-edge financial tools to its Corporate Card clients. "We're making banking faster and simpler for our clients by investing in sophisticated technology and partnering with Mastercard to deliver innovative, secure digital payment tools they expect from a digital-first bank," Vernon stated.

The integration of virtual cards into mobile wallets marks a significant stride toward digitization in business payments. Marie Elizabeth Aloisi, Executive Vice President of US Commercial Payments, Acceptance, and Healthcare Solutions at Mastercard, underscored the importance of this development. She said, "Mastercard is providing commercial banking customers with a simple, secure, and seamless payment experience wherever digital payments are accepted in collaboration with BMO and Extend."

Extend for BMO's virtual card deployment process is designed for maximum efficiency, allowing clients to issue virtual cards from their BMO Corporate Card program in just five minutes without requiring complex technical integration. The program leverages Mastercard's mobile virtual card solution, which seamlessly combines tokenization and virtual card platforms to ensure robust security and convenience.

Andrew Jamison, CEO and Co-Founder of Extend, highlighted the increasing demand for mobile payments, even in the realm of corporate spending. He commented, "Adding virtual cards to mobile wallets is the final step toward mainstream use. Allowing employees to safely make ad hoc in-store transactions with a virtual card should be standard, and it is."

BMO's commitment to staying at the forefront of digital innovation is evident through its adoption of emerging technologies for real-time information and processing. This strategic move builds on BMO's recent partnerships with FISPAN and Xero, further solidifying its position as a digital-first bank dedicated to providing its clients with the latest and most secure financial solutions.

This innovation promises to streamline expense management, enhance security, and provide unparalleled convenience to Commercial Card clients, setting a new standard for banking in the digital age.