Financial automation software for SMBs BILL has partnered with financial services provider BMO to launch a bill pay and invoicing tool to digitise business payments. Based on the information detailed in the press release, the collaboration provides payment automation capabilities and aims to assist BMO’s banking customers with making financial progress with the launch of BMO Bill Connect,  powered by BILL, a bill pay and invoicing platform that enables customers to pay and get paid in an increasingly simple, fast, and secure manner.

Partnership details and BMO Bill Connect capabilities A cloud-based platform, BMO Bill Connect enables customers with increased visibility and control over their financial operations. It provides end-to-end accounts payable and accounts receivable services and is developed to work with industry-leading accounting software, including QuickBooks and Xero. Furthermore, the solution helps simplify the accounts payable process, enables electronic payments, and betters the accounts receivable process by providing invoice and payment tracking capabilities, together with the ability to have payments accepted.

Commenting on the announcement, Irana Wasti, Chief Product Officer at BILL advised that small businesses have a need for real-time insight into their finances to be enabled to save time and have increased visibility and control over their cash flow. As per their statement, their digital-first payments and invoicing platform aims to help businesses improve efficiencies and focus on the most important things, and by bringing the company’s capabilities to BMO, they can support US-based customers and help their businesses succeed. Based on the information detailed in the announcement, key benefits of the BMO Bill Connect solution include: Increased efficiency: small businesses can get paid and pay bills in an expedited manner through the automation of payments, digitisation of invoices and elimination of check writing, signing, stuffing envelopes and mailing.

Customers can also decrease time spent in data entry tracking by having information collected and compiled through effective reporting and complete audit trails and synced with accounting software. Improved visibility: small businesses are provided with improved cash flow management and visibility of all incoming and outgoing payments through a single dashboard. Having access to a single central record, customers can manage all payments and invoices electronically in one place, at all times and places and from any device.

Increased control: customers are enabled to reduce fraud risk and improve transparency into the status of physical checks paid through the platform and get Positive Pay Protection automatically. Furthermore, businesses can assign user-specific roles and permissions and route bills, enabling full control over the end-to-end process. Adding on the launch, Niamh Kristufek, U.

S. Head of Business Banking at BMO stated that BMO Bill Connect highlights the company’s Digital First strategy, which focuses on building a digitally enabled, future-ready bank that drives financial progress for its customers. The spokesperson believes the BILL partnership to be important in simplifying and bringing convenience to customers in managing their businesses, and by embedding the platform with the BMO Digital Banking experience, customers are believed to be offered a safe, convenient, and centralised solution for cash flow management.

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