TORONTO, Aug. 11, 2020 /CNW/ - To help give small business
customers greater control over their financial data, BMO – in
partnership with Intuit, maker of TurboTax, QuickBooks and Mint –
has now completed the development of a new secure data portal. The
portal will allow customers to share their BMO financial data with
Intuit QuickBooks Online.
For customers who use Intuit QuickBooks Online, the data portal
provides business customers efficient sharing of their BMO
transaction data with Quickbooks Online and associated applications
and use of this data to help them better manage and run their
businesses. It will also save small business customers time,
without needing to navigate between their online banking and
QuickBooks platforms.
"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," said Brett Pitts, Chief Digital Officer, BMO
Financial Group. "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 solution is currently being tested and piloted and will be
rolled out nationally next year. Small business customers will
retain ownership of their data and have the ability to consent to
which data will be shared.
"As a longtime leader in financial technology innovation, Intuit
has been working for years to make digital financial life better
for consumers, small businesses, and the self-employed. 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," said Rajneesh Gupta, Vice President, Financial
Institutions Segment, Intuit. "This agreement with BMO is an
exciting opportunity to continue our mission of powering prosperity
around the world."
To find out more about how BMO is supporting small businesses,
visit https://www.bmo.com/main/business/
About BMO Financial Group
Serving customers for
200 years and counting, BMO is a highly diversified financial
services provider - the 8th largest bank, by assets, in North
America. With total assets of $987 billion as
of April 30, 2020, and a team of diverse and highly engaged
employees, BMO provides a broad range of personal and commercial
banking, wealth management and investment banking products and
services to more than 12 million customers and conducts business
through three operating groups: Personal and Commercial Banking,
BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group