Fintech Elavon To Provide BMO Bank With Payment Solutions Platform

Elavon, one of the largest payment processors, has announced a partnership with BMO, the eighth-largest bank in North America by assets, to provide a comprehensive and innovative payment solutions platform to the bank’s clients in the United States.

The partnership allows for “the acceptance, enablement and optimization of credit, debit, and digital payment transactions.”

Additionally, it will aim to “provide secure, scalable payment capabilities and technologies tailored to the needs of BMO’s U.S. small business, corporate enterprises, and capital markets clients.”

Jamie Walker, Elavon CEO, said:

“Elavon is excited to bring our capabilities to support BMO’s business clients. Our range of digital payments capabilities reflects the evolving demands from clients for greater payments integrations with their own technology, faster access to funds, and top tier client service.”

Services include:

• Core acquiring and processing – customized merchant processing solutions
• Omnichannel acceptance – in-person, online or on-the-go
• Dynamic and multi-currency conversion – international payments
• Fraud management – proven track record with state-of-the-art security solutions

Hugh McKee, Head, BMO Partners, said:

“Our partnership with Elavon aligns with BMO’s digital first strategy supporting progress for our clients through significant enhancements in technology capabilities that enable speed, scale, and elimination of complexity. With Elavon, we’ll continue to accelerate high-value service and convenience to meet the diverse needs of our clients.”

As noted in the update, Elavon is wholly owned “by U.S. Bank, the fifth-largest bank in the United States, and provides end-to-end payment processing solutions and services to more than 1.3 million customers in the United States, Europe, and Canada.”

As the provider for airlines and a top five provider in hospitality, healthcare, retail, and public sector/education, Elavon’s innovative payment solutions “are designed to solve pain points for businesses from small to the largest global enterprises.”

As mentioned in the announcement, BMO Financial Group claims it is “the eighth largest bank in North America by assets, with total assets of $1.3 trillion as of October 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally.”