The news: BMO and Bill (formerly Bill.com) introduced BMO Bill Connect, an accounts payable (AP) and accounts receivable (AR) offering for small and medium-sized businesses (SMBs), per a press release.
Here’s how it works: BMO Bill Connect lets SMBs automate bill pay, digitize invoices, and monitor cash flow through one dashboard, and it offers two pricing tiers depending on businesses’ monthly transaction volume.
Why it’s worth watching: Three key benefits are making AR and AP automation a bigger priority for businesses.
The opportunity: Since BMO Bill Connect requires a business checking account, it can help drive customer acquisition and open cross-sell opportunities for BMO. The offering can also extend Bill’s reach by giving it access to BMO’s SMB clients.
The offering also lets both firms tap a lucrative market opportunity: Only 29% of companies with annual revenues below $250 million have implemented end-to-end AP automation—compared with 51% of companies with $250 million to $1 billion in annual revenues, per MineralTree.
Related content: Check out our Accounts Payable and Receivable Automation spotlight report to learn about how banks and software providers can address SMB payment needs.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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