BMO Commercial Bank clients in the U.S. and Canada now have access to even greater payment management functionality with the launch of Extend for BMO app. The app features new functionality that will give cardholders the power to create and push virtual cards to their employees’ mobile wallets, enabling them to spend wherever contactless payments are accepted.
BMO is the first global Mastercard issuer to offer contactless virtual cards through its cobranded Extend for BMO app – an expansion of the payments functionality BMO announced in 2022. With the ability to create, send, and manage virtual cards that enable simplified payments online, in-app, and now in-store, BMO is empowering its Corporate Card clients to manage travel and business expenses on the go more easily.
For businesses, in-store contactless payments represent an opportunity to use virtual cards almost anywhere to manage spending more efficiently. BMO clients using Extend for BMO to issue virtual cards also benefit from tighter spend controls, along with streamlined receipt and reconciliation processes.
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“By offering mobile wallet functionality for physical cards and now virtual cards and contactless payments, BMO is equipping our Corporate Card clients with convenient tools to manage their businesses and make financial progress,” said Derek Vernon, Head, Treasury and Payment Solutions (TPS) Product Management and Payments Modernization, BMO Commercial Bank. “We’re making banking faster and simpler for our clients by investing in sophisticated technology and partnering with organizations like Mastercard to deliver to customers the innovative, secure digital payment tools they have come to expect from a digital-first bank.”
Now, with mobile wallet capabilities, BMO Corporate Card clients can extend the benefits of virtual cards to a host of additional purchases, including contactless payments made during business travel.
“Enabling virtual cards for use in mobile wallets is the next frontier for the digitization of business payments,” said Marie Elizabeth Aloisi, Executive Vice President, US Commercial Payments/Acceptance & Healthcare Solutions, Mastercard. “In collaboration with BMO and Extend, Mastercard is delivering a simple, secure and seamless payment experience for commercial banking customers wherever digital payments are accepted.”
Extend offers advanced virtual card app capabilities and enables clients to deploy virtual cards from their existing BMO Corporate Card program without any technical integration, and in as little as five minutes. The program leverages Mastercard’s mobile virtual card solution, which brings together its industry leading virtual card and tokenization platforms.
SOURCE: PRNewswire