BMO Debuts Virtual Corporate Mastercards with Apple Wallet Support

Bank of Montreal (BMO) has teamed up with technology partner Extend to introduce a new feature for its Corporate Card clients, offering them the ability to create and send virtual cards for more efficient and secure payment management. The initiative aims to simplify the payment process for businesses, providing them with greater control over expenses.

The Extend for BMO app allows users to instantly create and distribute virtual cards to employees or vendors, setting spending limits and expiration dates for each card. This feature not only enhances security but also provides real-time visibility into spending patterns. It’s now available in Canada and the USA.

BMO says it is the first global Mastercard issuer to offer contactless virtual cards through Extend.

“Distribute virtual cards instantly. Create and send virtual cards to anyone, anywhere,” the app promises. It also aims to “reduce the hassle of reimbursements and reconciliation,” thereby streamlining accounting processes for businesses. This will definitely make it easier for employees when it comes to company spending. No more losing physical credit cards.

One of the key benefits of this new offering is the increased security it provides. The virtual cards can be deactivated at any time, helping to reduce fraud and misuse of corporate cards. “Never share your business card number. Track who’s spending and where. Deactivate a virtual card and it will immediately decline,” the app notes.

BMO Extend also supports Apple Pay, as you can easily add these virtual cards to Apple Wallet for mobile payments.

The Extend for BMO app also offers features to improve cash flow by capturing spending on the Corporate Card that is not currently being tracked.

“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, in a statement on Monday.

This partnership with Extend represents another milestone in BMO’s efforts to offer innovative, digital-first solutions to its clients, following the bank’s recently announced partnerships with FISPAN and Xero.