Magazine article American Banker

More Banks Join Bank of Montreal Data Partnership

Magazine article American Banker

More Banks Join Bank of Montreal Data Partnership

Article excerpt

Bank of Montreal wants to use technology to help it and a growing network of partner banks to compete against large competitors in the commercial card market.

The Toronto company plans to announce today that it has added five banks to its commercial card alliance, which enables corporate clients to obtain details on their global spending, including data on spending by individual country and a worldwide summary in a single currency.

Terry D. Wellesley, the managing director of Bank of Montreal's BMO Harris ePurchasing Solutions unit, said the company is in negotiations with a dozen more banks around the world to further extend the alliance's reach.

The company wants to establish partnerships across Europe, Asia, and Latin America, Mr. Wellesley said in an inteview Tuesday.

BMO Harris is one of the 10 largest commercial card issuers in North America, he said. "Our customers want us to be more of a global player, not just a North American player."

Bank of Montreal also wants to extend the use of its procurement cards beyond purchases for things such as office supplies and into markets such as travel and entertainment and fleet services, he said.

The new partners are China Merchants Bank, Commonwealth Bank of Australia, Mizuho Financial Group's Credit Saison Co. Ltd., the Malaysian unit of United Overseas Bank Ltd. of Singapore, and Credit Mutuel Group in France.

BMO Harris already had three partners in its global commercial card network: Royal Bank of Scotland Group PLC, Nordea Group, and the Chilean unit of Banco Santander Central Hispano SA.

All the partners are issuers on the MasterCard Inc. network, Mr. Wellesley said.

BMO Harris has worked with MasterCard to establish global standards for data formatting so that corporate clients can access detailed spending information through the BMO Harris DetailsOnline database for reporting, analysis, and management. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.