BILL Partners with BMO to Help Businesses Digitize and Streamline Payments

Rhea-AI Summary

BILL (NYSE: BILL) has partnered with BMO to enhance payment automation for businesses. The BMO Bill Connect platform, powered by BILL, allows customers to streamline invoices and payments, improving efficiency and reducing fraud risks. Key benefits include faster payments, improved cash flow visibility, and enhanced control over financial operations. This collaboration reflects BILL's commitment to supporting small and midsize businesses by providing real-time insights and automated solutions for financial management.

BMO's integration of BILL's capabilities aims to create a digitally enabled banking experience, fostering growth for their customers.

Positive

• Partnership with BMO enhances payment automation capabilities.
• BMO Bill Connect platform improves efficiency in payments and invoicing.
• Increased speed in bill payments and invoicing for small businesses.
• Enhanced cash flow visibility for customers via a centralized dashboard.
• Improves control over financial processes and reduces fraud risks.

Negative

• None.

Partnership offers payment automation capabilities and helps BMO banking customers make real financial progress

SAN JOSE, Calif.--(BUSINESS WIRE)-- BILL (NYSE: BILL), a leader in financial automation software for small and midsize businesses (SMBs), announced a partnership with BMO to digitize and streamline business payments. BMO Bill Connect, powered by BILL, is a bill pay and invoicing platform that helps customers pay and get paid in a simpler, faster and more secure way.

BMO Bill Connect, the cloud-based platform gives customers more visibility and control over their financial operations. It offers end-to-end accounts payable and accounts receivable services and is specifically developed to work with industry-leading accounting software, including QuickBooks and Xero. It streamlines the accounts payable process, enables electronic payments, and improves the accounts receivable process by offering invoice and payment tracking capabilities as well as the ability to accept payments.

“Small businesses need real-time insight into their finances to save them time, have greater visibility and control over their cash flow,” said Irana Wasti, Chief Product Officer at BILL. “Our digital-first payments and invoicing platform helps businesses improve efficiencies and focus on what matters most. As a company that champions small businesses, we’re thrilled to bring BILL’s capabilities to BMO, so we can support their customers across the U.S., and help their businesses to thrive.”

Key benefits of BMO Bill Connect include:

• Increased Efficiency: Small businesses can get paid and pay bills faster by automating payments, digitizing invoices and eliminating check writing, signing, stuffing envelopes and mailing. Customers also reduce time spent in data entry tracking by collecting and compiling information through effective reporting and complete audit trails that sync with leading accounting software.
• Better Visibility: Small businesses can better manage cash flow and view all incoming and outgoing payments on a single dashboard. With access to one central record, customers can manage all payments and invoices electronically in one place – anywhere, anytime, from any device.
• Enhanced Control: Customers can reduce fraud risk and improve transparency into the status of physical checks paid through the platform and get Positive Pay Protection automatically. Businesses can also assign user-specific roles and permissions and route bills, giving you full control over the end-to-end process.

“BMO Bill Connect is another example of our Digital First strategy in action, focused on building a digitally enabled, future-ready bank that drives real financial progress for our customers,” said Niamh Kristufek, U.S. Head of Business Banking at BMO. “Through this important partnership with BILL, we are making it easier and more convenient for our customers to manage their businesses. By embedding the platform directly within the BMO Digital Banking experience, customers have a safe, convenient, and centralized solution for cash flow management.”

For more on BMO Bill Connect, visit: https://www.bmoharris.com/main/business-banking/cash-management-services/bill-connect/.

About BILL

BILL (NYSE: BILL) is a leader in financial automation software for small and midsize businesses (SMBs). As a champion of SMBs, we are dedicated to automating the future of finance so businesses can thrive. Hundreds of thousands of businesses trust BILL solutions to manage financial workflows, including payables, receivables, and spend and expense management. With BILL, businesses are connected to a network of millions of members, so they can pay or get paid faster. Through our automated solutions, we help SMBs simplify and control their finances, so they can confidently manage their businesses, and succeed on their terms. BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers. BILL is headquartered in San Jose, California. For more information, visit bill.com.

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 $1.14 trillion as of October 31, 2022, 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 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230309005248/en/

IR Contact:

Karen Sansot

ksansot@hq.bill.com

Press Contact:

Mark Heller

mheller@hq.bill.com

Source: BILL

FAQ

What is the partnership between BILL and BMO about?

The partnership focuses on enhancing payment automation capabilities for businesses through the BMO Bill Connect platform.

What are the key benefits of BMO Bill Connect?

Key benefits include increased efficiency in payments, better visibility over cash flow, and enhanced control over financial operations.

How does the BMO Bill Connect platform improve business payments?

It automates payments, digitizes invoices, and provides a centralized dashboard for managing financial operations.

What is the significance of the partnership for small businesses?

It offers small businesses real-time insights and automated financial solutions to improve their cash flow management.