BMO Partners with FISPAN to Embed Banking in ERP Systems
On November 17, 2022, Bank of Montreal (BMO) announced a partnership with FISPAN, a Vancouver-based ERP-banking platform provider, to embed commercial banking services directly into clients' enterprise resource planning and accounting systems. The integration allows BMO business clients to view real-time balances, send domestic electronic payments, and perform automatic transaction reconciliation without leaving their existing ERP environments. Sean Ellery, Head of Digital and Innovation at BMO Commercial Banking, highlighted the partnership as a key step in simplifying business banking through open banking APIs.
FISPAN, founded in 2016, specializes in enabling banks to offer embedded business banking services through its ERP-banking platform. The partnership builds on BMO's prior open banking initiatives, including integrations with Xero and the launch of a developer portal for custom APIs. No financial terms were disclosed.
The deal exemplifies how major banks are adopting banking-as-a-service principles to meet commercial clients where they already work, reducing friction in treasury and payment workflows.
- Signals growing adoption of embedded finance by major North American banks for commercial and treasury services
- Reinforces the trend of banks using BaaS-style API integrations to retain business clients within their existing workflows