BMO Launches Mobile Wallet for Virtual Cards with Mastercard and Extend

Rhea-AI Summary

BMO launches Extend for BMO app, offering contactless virtual cards for Commercial Banking clients in the US and Canada

Positive

• BMO is the first global Mastercard issuer to offer contactless virtual cards through its cobranded Extend for BMO app
• BMO clients using Extend for BMO to issue virtual cards benefit from tighter spend controls and streamlined receipt and reconciliation processes

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• BMO pairs the efficiency and security of virtual cards with convenience of contactless payments for Commercial Banking clients in the U.S. and Canada
• BMO is the first global Mastercard issuer to offer contactless virtual cards through Extend to help clients make real financial progress by strategically leveraging this functionality

CHICAGO and TORONTO, Aug. 28, 2023 /PRNewswire/ - 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.

"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. 

Extend CEO and Co-Founder Andrew Jamison said, "People expect to be able to make payments on the go, even when those payments are for business expenses. By enabling virtual cards in mobile wallets, we have traveled the last mile toward widespread adoption. The ability to empower an employee to securely make ad hoc in-store purchases using a virtual card should be the norm, and now it can be."

BMO is paving the way as a digitally enabled, future-ready bank harnessing the potential of emerging technologies for real-time information and processing. This agreement represents another milestone in BMO's Digital First journey, and builds on the bank's recently announced partnerships with FISPAN and Xero.

To learn more, visit https://www.paywithextend.com/banks/bmo.

About BMO
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of April 30, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

About Extend
Extend turns your business credit card into a spend management platform, so you can achieve more with what's yours. Thousands of companies use Extend's virtual cards, insights, and controls to empower their teams, streamline payment processes, and manage billions of dollars in transactions – all while keeping the financial partners they know and trust. Extend was founded in 2017 by industry veterans of American Express, Capital One, and other Fortune 500 companies. For more information visit paywithextend.com or follow Extend on LinkedIn.

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SOURCE BMO Financial Group