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BMO Completes API Portal for Small Business Customers in Move Towards Open Banking

BMO Completes API Portal for Small Business Customers in Move Towards Open Banking

To help give small business customers greater control over their financial data, BMO – in partnership with Intuit, maker of TurboTax, QuickBooks and Mint – has now completed the development of a new secure data portal. The portal will allow customers to share their BMO financial data with Intuit QuickBooks Online.

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For customers who use Intuit QuickBooks Online, the data portal provides business customers efficient sharing of their BMO transaction data with Quickbooks Online and associated applications and use of this data to help them better manage and run their businesses. It will also save small business customers time, without needing to navigate between their online banking and QuickBooks platforms.

“As an organization, we’ve been participating in forms of open banking for more than 15 years and understand the need and value of giving customers control of their data,” said Brett Pitts, Chief Digital Officer, BMO Financial Group. “This collaborative relationship with Intuit Canada is an important step toward a larger open banking framework. We will continue to look for innovative opportunities that help our customers.”

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The solution is currently being tested and piloted and will be rolled out nationally next year. Small business customers will retain ownership of their data and have the ability to consent to which data will be shared.

“As a longtime leader in financial technology innovation, Intuit has been working for years to make digital financial life better for consumers, small businesses, and the self-employed. We believe every customer should be able to access their financial data in whatever format they wish or with whatever app they choose to better their financial life,” said Rajneesh Gupta, Vice President, Financial Institutions Segment, Intuit. “This agreement with BMO is an exciting opportunity to continue our mission of powering prosperity around the world.”

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