BMO Spend & Payment Solutions, a division of BMO Financial Group (NYSE: BMO) (TSX: BMO) and a leading North American commercial card issuer, and Ariba (Nasdaq: ARBA), the leading spend management solutions provider, today announced that BMO will combine Ariba's on-demand offerings with its Spend Solutions suite to deliver a fully integrated source-to-settle process that enables clients to improve their bottom line.
Leveraging Ariba Spend Management solutions, BMO will create a single bank interface through which clients can:
- Fully automate their purchase order, invoice receipt, invoice reconciliation and settlement processes
- Effect payments through purchasing cards and Electronic Funds Transfer (DEFT in Canada/ACH in the U.S.)
- Gain immediate access to a growing number of over 160,000 suppliers worldwide through the Ariba Supplier Network
- Leverage third-party financing and dynamic early payment discounts
- Efficiently monitor and control contract creation and performance
"By combining Ariba's spend management solutions with our leading corporate payment and financial services, we can help our clients quickly and easily advance their spend and payment strategies through one convenient provider," said Terry Wellesley, Managing Director of BMO Spend & Payment Solutions. "This includes managing spend across all categories, from direct and indirect goods and services to MRO and travel."
BMO's Spend Solutions suite can be used by companies and organizations to manage all critical elements of their spending cycle - from sourcing suppliers and contract management to procurement and invoice presentment and payment - with detailed analysis to help them track and control their capital. Depending on their needs, clients may choose an individual component to augment their existing system or they can implement a turnkey total solution.
"While companies have always had to manage their spending, executives now more than ever see spend management as crucially important to business success. Our holistic approach enables clients to realize significant cost savings, improve productivity and enhance compliance," said Mr. Wellesley. "We've listened to clients who need this type of solution and are teaming with Ariba to deliver a world-class spend management solution that will help organizations deliver true costs savings and efficiencies throughout the spending cycle."
"BMO has a proven track record of delivering leading-edge solutions that enable its clients to effectively manage their financial supply chains from end-to-end," said Bob Solomon, Senior Vice President and General Manager, Ariba Supplier Network. "By integrating Ariba's spend management solutions into its portfolio, BMO is raising the bar on what is possible by providing clients with offerings that can be quickly and easily implemented to reduce risk, improve profits and increase competitive advantage."